Petrol prices set to rise again

Author: Oli Rushby Posted: 04 Feb 2016

Enjoy the cheap fuel prices while they last

Motorists have been enjoying petrol prices at their lowest since 2009 over the last two months but that could soon be set to change.

The average price of a litre of unleaded in January 2016 was just £1.01 with supermarkets selling fuel for below £1 per litre for the first time in seven years.

The fall in fuel prices came as a result of a huge drop in the cost of oil with a barrel costing as little as £26. However, the market is slowly starting to get back on its feet and should it continue prices on the forecourt will soon rise again.

“January saw oil price go into free-fall with talk of a barrel dropping to 20 US dollars and possibly even to 10 US dollars, but since the low of 26 US dollars a barrel the market has started to creep back up,” said RAC fuel spokesman Simon Williams.

“If this continues for a sustained period, wholesale costs will rise further which will in turn lead to pump price increases.”

So, if you were looking forward to a summer of cheap riding, it might not be as cheap as you first thought! 

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