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Oil price increase hits petrol price hopes

Published 21/05/2016

Rising oil prices have hit hopes of cheaper petrol
Rising oil prices have hit hopes of cheaper petrol

The surge in the price of oil has scuppered hopes that petrol prices would stop increasing, according to figures.

As oil nears 50 US dollars a barrel the average price of petrol reached 109.2 pence per litre (ppl) earlier this week, the AA said.

This is a 1.9p rise since April 16.

Compared to when petrol reached its low point in early March the cost of filling a tank has gone up by over £4.

Meanwhile pump prices for diesel have increased from 106.9ppl on April 16 to 109.1ppl.

AA president Edmund King said: " Compared to this time last year, petrol is still 6.5p and diesel 11p a litre cheaper.

"However, that's not the point. UK drivers do not like pump price shocks and a £4-£5 surge in the cost of a tank of fuel is enough to disrupt family and business budgets.

" What has happened since March has re-energised fears of rocket and feather pump prices - something the UK motorist hoped had gone away for a long while."

Crude oil has risen by around five US dollars a barrel in the past 10 days.

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