Petrol and diesel prices have now been rising week after week for the past three to four months or so. Unfortunately, it’s likely that drivers will also end up paying more to fill up in the coming weeks.
Analysts are predicting dramatic fuel price hike as the price of a barrel of oil. According to some, is set to soar from $64 to $80. And it could go to $100 a barrel next year according to JPMorgan.
Drivers may have also noticed that the gap in the pump price between petrol and diesel has been narrowing over the past three or so months. That’s because diesel prices have been rising at an even faster rate than those of petrol.
When the pandemic hit last year, the effect on forecourt prices was nothing if not dramatic – those still driving through March and April paid less to fill up than they had done since mid-2016, when the price of oil plummeted as a result of deliberate over production.
But by last summer the oil price had rebounded and today is at a level not seen since the start of 2020.