The organisation said that just last week Energy Minister Amber Rudd raised the prospect of petrol costing less than £1.00/litre ahead of the general election as crude prices continued to fall.  However from a low point of $45/barrel for Brent Crude in mid-January, there has been a significant rally back to $54/barrel this week. Meanwhile the wholesale cost of unleaded petrol has risen by nearly 3.50ppl since 26 January.

PRA chairman Brian Madderson said: ‘The PRA has always felt that crude oil needed to drop to $40/barrel or below for a sustained period for petrol to consistently be priced at below 100ppl across the UK and averages today remain stubbornly above 106ppl. With this rebound in wholesale costs, we are going to see pump prices heading north again fairly soon.

‘The current market is unsteady and predictions can quickly be overturned by events. We are questioning what short term impact will the strike by refinery workers in the US have on European wholesale costs, and will the changing regime in Saudi Arabia affect their draconian pricing policy for crude oil? 

‘There is growing sentiment in the city that the bottom of the crude oil market may have been reached and the rebound has now commenced.’