Fuel Prices hitting an all time high

Fuel prices could rise for drivers across the UK this weekend.

Motorists in Britain will see a price rise at petrol stations up and down the country, due to the concern over missile strikes between the US and Russia.

Petrol prices could increase by 2p per litre this weekend.

This could continue to rise of the next few days or weeks by up to 5.5p per litre and costs have rocketed by 4p a litre in less than four weeks.

Oil prices reached a three an a half year high yesterday at almost $72 a barrel

The price spike caused experts to fear that drivers would face inflated prices at the pumps.

Prices for a litre of unleaded could rise from 121p to 123p, while diesel could leap from 123.61p to 125.61p today.

As a result the AA has urged motorists to fill up before the weekend in an attempt to dodge the heftier costs.

In addition to this, a 4p per litre rise in wholesale costs will filter through to customers, says the Petrol Retailers Association.

Petrol Retailers Association chairman Brian Madderson said: “President Trump’s promise that US missiles ‘will be coming’ to Syria caused the price to climb sharply amid a volley of threats between the US and Russia and an attempted Houthi air strike from Yemen targeting oil titan Saudi Arabia.

“The Houthi attacks on the world’s largest oil producer spurred global oil markets up almost 9{28c0ce23833f46940adabde1d80694c51b9f35ff40c344709e941c9ee2402cb6} this week alone to the highest prices seen since December 2014.”

It’s been on the news and even on the radio to work this morning. According to our fuel price index, petrol prices have increased another 0.9p/l in one week to 124.4p/l, on average, which would cost drivers of a medium car (57L) £71 to fill the tank. And it is a similar picture for diesel, which has rocketed by 1.0p week-on-week to 127.5p/l, on average, costing £73 to fill a medium-sized tank.

1 in 5 UK motorists are put off driving by the cost of fuel. And it seems these inflated prices are hitting drivers’ pockets, with 1 in 8 drivers admitting they cannot afford to fill up their car on a regular basis.

Amanda Stretton, motoring editor at Confused.com, says: “Fuel prices are at their most expensive in almost two years and drivers are feeling the pinch. Motorists will need to budget even more to fill up their tanks, especially if they are planning any long-distance road trips this summer.”

For more information check out;

https://www.confused.com/on-the-road/petrol-prices/fuel-price-index

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