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Unexpected pound crash to increase fuel costs by 3p/litre

Date: 07 October 2016   |   Author: Daniel Puddicombe

The RAC has warned that fuel prices could increase by as much as 3p per litre in the next fortnight following the pound unexpectedly crashing against the dollar overnight.

At one stage, it fell by 6% to $1.1841, the biggest movement since the vote to leave the European Union earlier this year, although it has recovered slightly, trading 2% lower to $1.2388.

Earlier this week, the RAC suggested it now costs £5 more to fill up an average petrol-powered hatchback than it did at the start of the year.

"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 affect will be bad news for motorists," said an RAC fuel spokesman. "We're likely to see the price of both petrol and diesel increase by around 3p a litre in the next fortnight.?

"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," he added.