AM Online

Consumers likely to face fuel price rise after Brexit

Motorists are likely to see higher prices at the fuel pumps in the coming weeks, due to the fall in the value of the pound.

Motoring organisations the AA and the RAC agree a rise in fuel prices is likely due to the market turbulence after last week’s decision to leave the European Union.

RAC Fuel Watch said the fall in the value of the pound means fuel retailers are facing an increase in the wholesale price of around 1.5 pence, which will very likely be passed on at the pump.

The AA said the price of petrol might be expected to rise by 2.25p a litre, assuming that current market conditions persist over the next 10 to 14 days.

Sterling was trading at $1.3460 on Monday morning, down 1.8%, although this was above Friday’s low of $1.3228, which was the pound's biggest one-day fall against the dollar.

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