THE average cost of filling up a tank of petrol could soon hit a record high of £70, the RAC has warned.
It claimed fluctuations in the pound amid Brexit talks and the rising price of oil could push prices to new heights.
The prediction comes shortly after JP Morgan said a drop in Iranian crude oil exports could push oil to $90 (£68) a barrel.
RAC fuel spokesman Simon Williams told the Telegraph: “A further increase in the price of oil would almost certainly mean higher fuel prices for UK drivers.
“The only thing that could stop that happening would be a dramatic boost to the value of the pound which has been very volatile recently, partly as a result of the ongoing Brexit negotiations.”
But for the first time in three months there has been no weekly increase in the price of petrol, while the rise in diesel prices slowed to just 0.2p per litre.
Three ways to cut your fuel costs
HERE are three ways to drive down your fuel costs:
- Make your car more fuel-efficient. You can do this by keeping your tyres inflated, taking the roof rack off, emptying your car of clutter and turning off your air con when driving at lower speeds.
- Find the cheapest fuel prices. Use PetrolPrices.com. All you need to do is enter your postcode and tell it how far you want to travel (up to 20 miles).
- Drive more efficiently. Some ways to do this, include:
- Accelerate gradually without over-revving
- Always drive on the highest possible gear
- If you can, allow your car to slow down naturally as your brake is a money burner
- Re-starting your car is expensive, if you can, keep moving
The average cost of a litre of petrol stands at £1.31 at UK forecourts, with diesel costing £1.35, Government figures show.
Despite the end to spiralling price increases, fuel has still not been more expensive than current levels since July 2014.
The AA predicted last week that supermarket fuel retailers may cut costs by around £1.50 per tank after a fall in the amount they pay for petrol.
Steve Gooding, director of the RAC Foundation, said: “While pump prices are taking a breather, it’s worth remembering how much they have risen over the past 12 months.
“On average, drivers of petrol cars are paying about £6.50 more to fill up at the pumps today compared with a year ago. For diesel it’s around £7.70 more.
“It would be nice to think that prices can’t go any higher but, with oil up 3% on Monday to a four-year high of $81 (£62) a barrel, nobody can say that with certainty.”
Fuel duty has been kept at a rate of 58p per litre since 2011.
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