Fuel prices set to rise as oil tops $94

UK drivers are likely to face higher fuel prices in the coming weeks after the cost of oil climbed above $94 a barrel, according to the RAC.

The price of a barrel of oil has traded above $94 throughout the week for the first time since before the summer, putting upward pressure on wholesale fuel prices.

Petrol and diesel pump prices have already risen by around a penny a litre since last weekend, with the average price of unleaded reaching 163.36p per litre and diesel 184.99p.

Compared with 28th February, petrol is now 30.5p per litre, or 23.0%, more expensive, while diesel has increased by 42.6p, or 29.9%.

Current petrol prices are the highest since the start of the Iran conflict, although they remain below the 158.31p recorded on 15th April during the conflict.

Diesel is also below its 15th April high of 191.54p.

Rod Dennis, senior policy officer at the RAC, said: “The cost of a barrel of oil has traded above $94 all week – the first time since before the summer – meaning there is now upward pressure on wholesale fuel prices.

“This almost certainly means drivers will start paying noticeably more at the pumps in the coming weeks. Indeed, both petrol and diesel are already up by around a penny a litre since last weekend.