Fuel Up 3p Litre by Xmas
Petrol and diesel prices are likely to rise by as much as 3p a litre in advance of Christmas as a result of the shutdown of one of the UK’s most important oil pipelines, the RAC is warning.
The Forties pipeline is the main oil and gas pipeline system in the North Sea, carrying 40% of the North Sea oil and gas production and according to the Oil & Sea UK trade association, is being shut down to repair a crack, causing significant issues to the industry.
Already RAC Fuel Watch data shows the price of Brent crude rose to $65.20 this week – the highest price it has reached since May 2015.
RAC fuel spokesman Simon Williams said: “This closure will inevitably lead to an unwelcome increase in the price with the knock-on effect of raising the wholesale cost of both fuels.”
A predicted rise of up to 3p a litre would take unleaded to 123.76p a litre and diesel to 126.21p a litre – their highest prices since November 2014.
Added: 13th December 2017