Fuel prices across Shropshire as oil nears 100 dollars a barrel
Motorists have been warned to expect higher fuel prices yet again as the cost of a barrel of oil approaches 100 US dollars.
The RAC has warned that drivers are 'in for a hard time at the pumps' as increasing demand from China along with production cuts by Saudi Arabia and Russia are sparking a hike in oil prices.
Brent crude, the oil price benchmark, ended Monday at 94 US dollars per barrel, its highest price since mid-November 2022.
Before the start of this month the highest oil price of the year was 88 US dollars in January.
The average price of a litre of petrol has already risen by 10p since the beginning of August to 155.5p, its most expensive level since mid-December last year.
RAC fuel spokesman Simon Williams said: "Diesel is set to jump in price from its current average of 159p a litre to over 170p.
"But the situation with petrol is different, with RAC Fuel Watch data showing that prices on the forecourt are actually too high due to retailers taking bigger margins than normal.