PETROL PRICE TO HIT £1.30
Drivers to suffer in Brexit fallout
THE rising cost of petrol could soon hit £1.30-a-litre.
The average price of unleaded at the pumps has hit 112.35p per litre – the most expensive it has been since August 24, 2015.
Diesel prices also rose to their highest point since August 3 last year, at 114.4p per litre.
The findings from the Department for Business, Energy and Industrial Strategy’s weekly road fuel prices report comes as oil prices continue to rise following Opec’s move to secure a production cut.
Simon Williams, fuel spokesman at breakdown and car insurance provider RAC, said motorists were starting to feel the impact of an increase in the oil price and the collapse in the value of the pound, due to Brexit.
“Fuel like oil is traded in dollars so the exchange rate has a bearing on what we pay at the pump.
“The oil price went through the $50 a barrel mark in August, while the pound has gone to $1.23 and we were at $1.33 on September 12.
“That is all contributing to the cost going up and we’ve seen a couple of pence per litre go on already.
“It is that nasty combination that will see the price of fuel go up on average across the UK.”
Motoring expert Dylan Carter added: “If this continues we could see a serious rise in the price of petrol.
“If the pound collapses further against the dollar, everything is more expensive to buy and combined with the rising cost of a barrel of oil I wouldn’t be surprised to see it reach £1.30 by next summer.”