According to the RAC Fuel Watch data released today, petrol prices have reached their highest level since 2014 as a result of strengthening oil prices.
The average cost of a litre of unleaded petrol has gone up for the second month running rising from 120.66p to 121.11p, while diesel has gone up from 123.06p to 123.46p.
RAC fuel spokesman Simon Williams comments: “Unfortunately, the good times of lower cost fuel appear to be over and it’s probably now far more likely that we will see them going up as Opec’s oil production cuts are starting to have the desired effect of reducing the global oil glut and pushing the barrel price higher.”
Consumers and business owners alike will feel the impact of the petrol price hikes, with already overburdened SMEs, particularly those that offer transport or delivery services, needing to go back to the drawing board to review the costs in their business and consider ways to achieve increased efficiencies.
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