13 Apr Fuel Prices Set To Rise This Spring
There will be even more reason for commuters to consider sharing a London executive coach with their colleagues, after it was revealed the price of fuel is set to increase this spring.
According to the RAC, the period of falling fuel costs will abruptly come to an end this month, as the price of oil recently experienced an increase.
The cost of oil rose to over $40 (£28.10) a barrel for the first time since December 4th 2015, which pushed petrol up by 3p in March from 101.91p to 104.26p a litre.
A spokesman for RAC Simon Williams said the end of low fuel prices has happened with “more of a bump” than drivers anticipated.
He noted that a meeting regarding oil production will take place later this month, which could spell out a further increase in fuel costs.
“Motorists should hopefully not see the eye-watering prices they were paying at the pumps in April 2012 when the average price of petrol was 142p and diesel was close to 150p per litre,” Mr Williams stated.
According to the RAC Fuel Watch, the insurance provider predicted both diesel and petrol prices are very likely to up in the next two weeks. This comes after motorists have experienced the lowest fuel costs since 2009 as a result of the declining oil market.
However, Mr Williams added that as the oil industry is “volatile” at the moment, it is possible fuel prices could fall again.
Last month, the government released its Budget, in which it stated it will freeze the main rate of fuel duty for the sixth successive year, which will help keep petrol and diesel prices lower for drivers.
The tax will remain at 57.95p per litre, which it has been since the Budget in 2011, marking the longest freeze in fuel duty for four decades.