Rising fuel prices could push up TCO

October 12, 2016

Fuel prices could rise by up to 5p (€0.055) per litre in the UK by the end of October because of the falling value of sterling and the rising price of oil. The pound is at its lowest level against the dollar since 1985 because of market uncertainty about the UK’s future trading relationship with the EU following the Brexit vote in June 2016. Oil companies are trying to drive up market rates for oil through global production cuts, which will have an impact on pump prices. Brian Madderson, chairman of the Petrol Retailers Association, warned: ‘The double impact of the pound weakening against the US dollar and global oil prices strengthening will cause pump prices to move sharply upwards.’ The increase in fuel costs could add about £293 (€322) to a C-segment car achieving 42mpg (6.8l/ 100km) over 60,000 miles (96,560km).

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March 31, 2017

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