Blow for UK motorists as petrol prices rise after OPEC slashes oil production

Although forecourt prices for petrol and diesel in Britain had been plummeting since early July, OPEC’s October meeting has appeared to turn the tide. According to motoring organisation the AA, nearly half a penny was added to average petrol prices over the weekend.

Before the weekend, pump prices were 162.32p a litre for petrol on average, while deisel was 180.45p a litre. But on Monday, they were at 162.78p for petrol and 182.17p a litre for diesel. 

It comes after OPEC’s announcement appeared to ramp up crude oil prices, adding almost to $10 (£9) to the cost of a barrel. This was made worse by striking refinery workers in France, which slashed capacity by 60 percent, in turn squeezing market supply of the fuels and driving up the wholesale costs. 

Luke Bosdet, the AA’s fuel price spokesman, said: “At the start of July, pump prices had set records of 191.53p a litre for petrol and 199.07p for diesel. And, although diesel saw a temporary rebound as August turned into September, drivers have enjoyed steady falls in road fuel costs throughout the summer. 

Article source: https://www.express.co.uk/news/science/1681359/uk-petrol-prices-opec-oil-production-russia-putin