Motorists are being warned of potential fuel price increases following recent developments in the Middle East, according to a statement from the RAC.
While RAC Head of Policy, Simon Williams, stressed that a dramatic rise is "not a certainty," he cautioned that a significant and sustained increase in the global oil price could translate into noticeable hikes at the forecourt for drivers.
Williams noted that prices were already on an upward trajectory, with oil trading closer to $70 a barrel in recent weeks. Petrol has already climbed by a penny a litre in February and is predicted to rise by another penny shortly, settling at an average of around 134p a litre.
The motoring organisation provided a forecast of potential average petrol prices based on the sustained price of crude oil:
- If oil were to climb to and stay at $80 a barrel, drivers could expect to pay an average of 136p for petrol.
- At $90 a barrel, prices would look to rise over 140p a litre.
- A sustained price of $100 a barrel would push the average price nearer to 150p a litre.
Current average UK pump prices, according to RAC Fuel Watch, stand at 132.83p for petrol and 142.38p for diesel. The RAC concludes that the full effect remains uncertain, stating that it is "all too soon to know" the long-term impact on the market.
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