Warning that oil prices set to peak
Steep pump price increases could be on the card, with potentially record highs next year, after the price of a barrel of oil climbed to January 2020 levels. Some analysts are predicting prices could hit $80 this year as pandemic restrictions ease.
Oil is currently at around $64 a barrel, having dropped to just $13 last April. The price of a barrel of oil has since recovered, jumping by $20 in the past three months. With some analysts predicting oil could reach $80 a barrel this year, a price last seen in October 2018, some analysts are predicting that petrol prices could be forced up.
At $100 a barrel – a price that JPMorgan has said is a possibility next year – petrol and diesel could hit record highs.
RAC Fuel Watch data shows that petrol prices have already been risen for 13 straight weeks in the UK, with a litre now 8.03p more expensive on average than 22 November 2020 at 121.84ppl. For diesel with prices have risen for 14 weeks (up 7.68ppl since 15 November 2020) at 124.91ppl.