Drivers face rising fuel prices as pound loses value

Drivers will be hit by rising fuel prices following the sharp fall in the value of sterling, a motoring organisation has warned.

Sunday, 9th October 2016, 9:00 am
Updated Tuesday, 25th October 2016, 5:32 pm

The RAC predicted that petrol and diesel pump prices will go up by around three pence per litre in the next fortnight after the “flash crash”.

The breakdown rescue firm’s 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.’

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After oil producing group Opec reached a deal last week to stabilise the market by slashing output, the cost of a barrel has gone up by six US dollars.

Mr Williams added: ‘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.’

The current average price of diesel is at its highest since August 2015.