Warning over petrol price rise
The Petrol Retailers Association (PRA) have warned of an impending petrol price hike on the forecourt. The price of Brent Crude has increased by 10% in the last two weeks to $116 a barrel.
The AA: "Rising petrol prices could stoke inflation rises"
The AA has said that the 2.5% price rises seen on forecourts recently, "risks putting road fuel costs back on the path that led to six weeks of record fuel prices earlier this year."
The motoring organisation went on to say that after July’s surprise increase in inflation, "the new surge in pump prices will stoke the rise further and potentially any increase in fuel duty."
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Petrol prices: Will the world react?
Growing pressure for the release of strategic oil reserves to calm world oil markets, with reports the White House is preparing for the move
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Petrol price warning: Trouble ahead for drivers
The AA has warned that the cost of petrol is set to rise again with predictions that prices will reach a record high by the end of August.