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Fuel prices increase by 3p/litre in December

Date: 05 January 2017   |   Author: Daniel Puddicombe

Petrol and diesel prices rose by 3p a litre in December, taking them to their highest levels since July 2015, new research from the RAC has revealed.
According to RAC Fuel Watch data, the average price of petrol hit 117.2p a litre on 29 December, having been 114.2p at the start of the month, while diesel was 119.6p on the same date, having been 116.5p on 1 December.
The RAC blamed the increased prices on a 4p rise in wholesale oil prices, which came as a result of production cuts announced by the Organisation of the Petroleum Exporting Countries at the end of November.
"The rising oil price is bad news for motorists as it caused a nasty jump in pump prices in the most expensive month of the year," said RAC fuel spokesman Simon Williams. "The big question now is how much further they are likely to go up, particularly in the long January wait to the next payday."
During the course of 2016, petrol prices increased by 14.5p a litre from 102.9p at the start of January, and diesel increased by 18.5p from the low of 101.0p it reached at the end of that month.
Therefore, the RAC claims, it now costs motorists £8 more to fill an average 55-litre tank with petrol. Diesel drivers, meanwhile, pay £10 more per tank compared with the low January prices.
The RAC predicted the price of petrol would rise to 118p a litre and diesel would jump up to 121p a litre in the next two weeks, but said these forecasts are dependant on the exchange rate as fuel, like oil, is traded in dollars.