RAC predicts fuel prices rises following sterling's slump

RAC fuel spokesman Simon Williams said: “The unexpectedly sharp fall in the value of the pound will make the wholesale price of fuel go up. Sadly, it’s also happened at a time when the oil price appears to be rising again so the combined effect will be bad news for motorists. We’re likely to see the price of both petrol and diesel increase by around 3p a litre in the next fortnight.

“Oil has gained $6 a barrel since OPEC announced at the end of last month that it is finally going to move to cut production potentially signalling an end to its two-and-a-half-year oversupply strategy. The physical cost of a barrel finished trading on Thursday at just over $50 – a price not seen since 9 June when the pound was worth $1.45 as opposed to $1.26, and the average price of unleaded and diesel was around 111p a litre.

“With the pound now worth so much less, there can be no other outcome than an unwelcome increase at the pumps from the current national averages of 113p for petrol and 114p for diesel.”

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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 nearly 14 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. 

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