Three-year high in oil prices spells potential misery for motorists
Motorists are being warned of a likely increase in the price of fuel as US crude oil prices hit $70 a barrel for the first time in more than three years.
Data from RAC Fuel Watch shows that the cost of a barrel was last over $70 on 3 December 2014 when a price of $70.22 was recorded. As a result there is likely to be a knock-on effect on the forecourt from increases in the wholesale price of fuel.
Already, the UK average price of unleaded stands at 121.27p a litre and diesel is 123.97p – both having risen from a 2017 low of 114.33p for petrol and 115.02p for diesel.
The RAC added that substantial increase in US’s fracking production could counter OPEC cuts and settle the price of oil at the mid-$60 a barrel mark.
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