Fuel retailers are warning that one of the consequences of the Brexit vote is higher fuel prices.
In the early hours of Friday morning, as it became clear LEAVE would win the EU referendum, the price of sterling dropped. Now, there are fears that the cost of filling your car will go up as a result of the weakened pound.
The BBC reported that both the AA and the Petrol Retailers Association said that a rise of 2p to 3p a litre is possible.
The AA told the BBC: “Assuming that current market conditions persist over the next 10 to 14 days, the price of petrol at some fuel stations might be expected to rise by 2.25p a litre, or £1.25 a tank.”
The AA’s current fuel price report reveals that the national average price for a litre in the UK is 111.58p for unleaded and 111.80p for diesel.
However, in Wokingham borough, there are some massive price variations.
While Asda in Lower Earley had fuel at 108.7p per litre for both unleaded and diesel yesterday morning, the BP station on Reading Road in Wokingham was charging 114.9p for unleaded and 116.9p for diesel.
Similar prices are being charged at other forecourts.
Edmund King, the president of the AA, said: “This June, drivers have suffered yet another 10p a litre leap in petrol prices since the end of January. The doubling in the price of oil seems to have reached a plateau of around $50 a barrel. The burning question is what happens next?”
