The cost of a barrel of oil is approaching 100 US dollars
Oil prices continue to rise due to increasing demand from China as well as production cuts by Saudi Arabia and Russia.
The RAC said drivers in the UK are “in for a hard time at the pumps” as prices continue to rise. RAC fuel spokesman Simon Williams said retailers should be reducing prices rather than putting them up. Mr Williams said diesel is set to jump in price from its current average of 159p a litre to over 170p. However, he said the situation with petrol is different.
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