Are petrol prices about to soar to a 2016 high?

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The RAC’s Fuel Watch report for September has been released – and it’s not happy reading for motorists.

The average cost of a litre of petrol hit 112.07p at the end of the month, marking a half-penny increase within 30 days; and falling just short of the 112.33p high for the year. It was bad news for those with diesel vehicles too, with that hitting 113.34p in September, another new high.

Higher oil prices combined with the weakening pound is forcing up wholesale prices, according to an RAC spokesperson, who said: “the wholesale price of diesel is now nearly 9p higher than it was at the start of August, and petrol 7.4p higher. The effect of this to date has been gradually rising pump prices.”

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Whilst the RAC says it doesn’t envisage an immediate hike in prices in October, but rising oil prices caused by a cut in production could have a larger impact on pump prices in the future – and acknowledges that currency changes are continuing.

Pound sterling hit a 31 year low against the US dollar this week. Prime Minister Theresa May acknowledged the issue at this week’s Conservative Party conference, but was dismissive, saying “currencies, of course, go up and down.”

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Author Lex Barber

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