Thanks to a change in the trend of oil prices, the price of fuel in UK took a 3p per litre rise in the month of March, which is likely to end the period of low fuel prices.
After an eight-month fall in prices, March saw the price of a barrel of oil return to over $40, meaning drivers are likely to be charged almost £2 more per fill up on average.
A report by the RAC described that the price of a barrel increased during the middle of March to over $40, before falling to $38.70 by the end of the month, which was still an 8 per cent increase from 3rd March ($35.91).
This rise in oil prices meant petrol prices rose 3.7p per litre on average in the UK, whilst diesel rose by 3.5p per litre in the last month.
This new data doesn’t mean we are on the way to the extreme rates in April 2012, where petrol and diesel prices were both above £1.40 per litre, but it sounds the end for the price slashing war by supermarkets who cut prices during the Christmas period.
RAC fuel spokesperson Simon Williams said, “The good times for motorists enjoying lower fuel prices had to end at some point, but unfortunately it has happened with a bit more of a bump than motorists were probably expecting.
“An earlier meeting between OPEC (Organisation of the Petroleum Exporting Countries) and non-OPEC members responsible for nearly 75 per cent of the world’s oil production led to output being restricted. While this helped to revive oil prices, producers clearly still feel a further limit on production is needed.
“This is bad news for motorists as it will inevitably lead to more price rises on the forecourt.”
Author: Jack Healy
After completing his university studies in English and Creative Writing in Cardiff, Jack is now a full time motoring writer at Blackball Media. His love of cars stems from his childhood years when he began to live and breathe all-things automotive.
April 5, 2016