RAC Flags Risk of Petrol Prices Reaching 150p on Oil Volatility
The RAC has warned that conflict in the Middle East carries risk of UK petrol prices climbing to 150 pence per litre. Simon Williams, head of policy at RAC, stated that oil prices must rise substantially and remain high for such an outcome.
UK petrol prices climbed one penny per litre during February. A further one penny increase is due in the coming week, lifting the national average to 134 pence per litre.
Oil traded close to 70 dollars per barrel in recent weeks before the latest overseas events. This contributed to existing upward movement in forecourt costs.
RAC projections tie oil levels to pump prices. Sustained oil at 80 dollars per barrel correlates to 136 pence petrol average. Oil at 90 dollars points to more than 140 pence per litre. Levels near 100 dollars could approach 150 pence.
Williams emphasised that short-term fluctuations alone would not produce sharp rises at pumps. Northern Ireland motorists share vulnerability to these UK-wide trends amid ongoing cost pressures.