UK petrol prices set to rise, say motoring groups

As crude oil prices revive, the cost of fuel could soon increase

Petrol prices have reached the bottom of the fall, and prices will begin to rise again soon, the AA believes.

The recent fall in prices at the pumps was fuelled by a combination of falling oil prices and supermarket price wars.

Low petrol prices have also been a key contributor to keeping interest levels low.  

But despite the low prices, this has not lead to people buying more fuel, the AA said.

Now, prices are expected to go up. The price of Brent crude has risen from a low of $45.19 a barrel, on January 13 to $58.15 on Friday, according to the FT.

Brian Madderson, Chairman of the Petrol Retailers Association said: “From a low point of $45 per barrel for Brent Crude in mid-January, there has been a significant rally back to $54 per barrel this week.

“With this rebound in wholesale costs, we are going to see pump prices heading north again fairly soon.”

Now read

 

Social Bookmarks