RAC predicts 2ppl rise in price of fuel following escalating violence in Iraq

As issues in Iraq escalate with reports that the oil city of Kirkuk has been seized, this has impacted on oil wholesale costs and the RAC now anticipates a 2ppl rise over the coming weeks.

RAC head of external affairs Pete Williams said: “The worsening situation in Iraq is causing a knee-jerk reaction in the global fuel market with wholesale prices going up one pence over Wednesday and Thursday. This uncertainty is being made worse as the warring factions advance on some of the oil facilities, particularly the oil city of Kirkuk. We anticipate that it is likely to push the pump price of both petrol and diesel by 2ppl in the short-term and this could well go much further.

“After a period of relative stability and a welcome drop in the cost differential for diesel, this once again demonstrates how UK motorists and businesses are at the mercy of world events and the volatile nature of the global fuel market.”

Press office team

Press office team

For journalist enquiries only

Share

Latest stories

Website preview
Pump prices creep back up despite no change in the cost of oil
September sees August price reduction reverse as petrol and diesel rise by a penny
media.rac.co.uk
Website preview
Margins on fuel remain historically high - RAC reaction
Following the publication of the latest road fuel update report from the Competition and Markets Authority, RAC head of policy Simon Williams said:
media.rac.co.uk
Website preview
RAC reacts to latest road casualty data for Great Britain
On average, four people killed and 76 seriously injured on the roads every day
media.rac.co.uk

Get updates in your mailbox

By clicking "Subscribe" I confirm I have read and agree to the Privacy Policy.

About RAC Media Centre

The RAC Media Centre provides journalists and news outlets with the latest motoring-related news, comment, data and research.

The RAC is an iconic UK brand, and provides complete peace of mind to 15 million UK private and business drivers - whatever their motoring needs. As well as its premium nationwide breakdown assistance service – with an expert branded patrol workforce attending more than two million breakdowns every year – and European breakdown assistance products, it offers a wide range of market-leading products across insurance, legal services, vehicle inspections and service, maintenance and repair. Included in this is the first-of-its-kind nationwide Mobile Mechanics service which brings the garage to homes and workplaces. 

At the forefront of new solutions for business fleets and consumers, the RAC’s breakdown service is electric-ready with mobile EV charging technology and be called on using myRAC – its all-in-one route planner, fuel finder and breakdown reporting app

Contact

media.rac.co.uk