Motorists advised to '˜fill up today' ahead of expected petrol price hikes
Experts have warned that fuel costs are expected to rise this weekend as tensions over the Middle East escalate.
According to a number of reports, prices at the pump are expected to increase by 2p a litre this weekend, with a further increase of up to 6p expected in the next few weeks.
Wholesale fuel costs increase by 4p a litre in less than four weeks with oil prices at a three and a half year high of almost $72 a barrel this week.
The AA have advised drivers that the weekend could see a significant price increase with unleaded potentially rising from 121p per litre to 123p and diesel increasing from 123.61p to 125.61p by Saturday.
The Petrol Retailers Association (PRA), an industry body, warned drivers that the 4p per litre rise in wholesale costs will filter through to the forecourts.
PRA chairman Brian Madderson said: “President Trump’s promise that US missiles ‘will be coming’ to Syria caused the price to climb sharply amid a volley of threats between the US and Russia and an attempted Houthi air strike from Yemen targeting oil titan Saudi Arabia.
“The Houthi attacks on the world’s largest oil producer spurred global oil markets up almost 9% this week alone to the highest prices seen since December 2014.”
The AA added: “There’s a lot of concern about missile strikes and if there is a possibility that markets will be disrupted then speculators will send the price even higher.”