Error parsing XSLT file: \xslt\FacebookOpenGraph.xslt Fuel prices at highest levels since December 2014
Cookies on Businesscar

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive all cookies on the Business Car website. However, if you would like to, you can change your cookies at any time

BusinessCar magazine website email Awards mobile

The start point for the best source of fleet information

Fuel prices at highest levels since December 2014

Date: 03 March 2017   |   Author: Daniel Puddicombe

Petrol and diesel prices stabilised in February after two months of rises, the latest figures from the RAC have revealed.

However, despite the price of fuel not increasing throughout the month, the motoring organisation said that fuel prices is at the highest level since December 2014.  

According to the RAC, it now costs £66.10p to fill up a 55-litre fuel tank with petrol, an increase of £10.20p compared with 12 months ago, while it costs £12 more to fill a tank of diesel than a year ago.

The RAC put the steadying price of fuel down to two factors: the wholesale price of oil remaining the same throughout the month and the pound/dollar exchange rate stabilizing.

But the RAC warned the price of fuel could rise again thanks to an agreement by major oil-producing nations to limit production, with a view to increasing the cost of a barrel, remaining in place.

"While the wholesale price of oil has shot up by $10 (£8) since the end of November when many oil-producing countries agreed to curb production, it appears to have settled around the $55 (£45) mark, which will be a relief to motorists who no doubt felt forecourt prices were constantly heading in the wrong direction," said RAC fuel spokesman Simon Williams. "For prices at the pumps to come down again we would need the oil price to reduce and the pound to make up some of its lost ground on the dollar.

"So a month where fuel prices have stayed broadly the same is welcome news. Given the global oil production situation and the weaker pound, all we can really hope for at the moment is some continued price stability on the forecourt," he added.



Share


Subscribe