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UK oil prices heading for a steep rise

Following recent political and economical events around the globe, leading UK fuel industry body the Petrol Retailers Association (PRA) warned that fuel prices could rise towards record levels.

The increase in price is owing in part to President Trump’s decision to terminate the Iran Nuclear Agreement, alongside other economical factors including a reduced output of oil from Africa, and a general global downturn in oil production.

PRA chairman, Brian Madderson explained: “The merging of UK fiscal and global oil trading issues has placed great pressure on wholesale costs for retail road fuel as reported by Platts. Average costs have risen by nearly 6.00ppl since Easter and there is no immediate softening in sight.

“Although pump prices have had to rise to reflect such dramatic increases, we are still moving towards 130ppl at the pumps – levels not seen since Autumn 2014 and 30% higher than January 2016.”

Read the full article from the PRA