Saturday, 20 January 2018

Oil price hits three-year high

oil fields

LONDON: Drivers have been warned they face misery at petrol pumps this year after the oil price rose to a three-year high of almost $70 (£52) a barrel.

In November, Opec and other big oil producers including Russia agreed to extend production curbs until the end of 2018, which combined with geopolitical uncertainty, has pushed up prices.

The RAC said the price of petrol in the UK had gone up by 5p per litre since the start of November, to 121.27p, and diesel by 3p to 123.97p.

“If oil stays at this level, pump price hikes will be almost inevitable. With households across the country still feeling the cost of Christmas, this is not the start to 2018 anyone would have wanted. It could also negatively affect business and further fuel inflation,” said the RAC’s fuel spokesman, Simon Williams.

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