Petrol prices to increase after Trump’s Iran decision
Petrol prices are expected to rise by 2p over the next two weeks following President Donald Trump's decision to pull out of the Iran nuclear deal on Tuesday.
Last month petrol prices grew by 3p, according to the RAC, and the trend seems to continue as oil prices are expected to grow in the coming months.
RAC fuel spokesman Simon Williams said: “Drivers are already suffering as last month saw almost 3p a litre being added to the average price of petrol and diesel making it the worst monthly fuel price rise since December 2016.”
“If another couple of pence a litre goes on as a result of the higher oil price and the fact the pound is at a four-month low could take the average cost of a litre of unleaded to 126.5p – a price last seen in October 2014 – which would make filling up a 55-litre family car cost nearly £70,” he said.
Read more: Oil prices rise as UK, Germany and France urge US rethink on Iran deal
Oil prices reached almost $72 (£53) per barrel on Thursday which is the highest barrel price since November 2014. Higher oil prices will affect consumers the worst as the cost of driving could potentially become too expensive for some.
As oil is traded in dollars, the UK will be particularly affected by the recent movements in oil price as the pound is weak against the dollar at the moment with $1.36 per pound.
Williams continued: “Sadly, the days of petrol and diesel for under a pound a litre in early 2016 are fast becoming a distant memory.”
Read more: Oil prices remain at four-year high ahead of Trump's Iran decision
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