Crude oil has jumped by more than $16 a barrel, the biggest one-day gain on record, due to continuing volatility in the international markets.
That means a barrel of oil for October delivery now costs $121. That's some way of the peak of $146/barrel in July, but the price rise has triggered fears of further increases in the cost of petrol and diesel for UK consumers.
Earlier this week it looked as if retail fuel prices in the UK would fall as oil prices continued to slide, bottoming at $91 a barrel.
Analysts blame the price spike on investors switching to oil as a 'safe haven' as global stock markets continue to fall.
Join the debate
Add your comment
Re: Oil price soars again
The oil price will remain vloatile over the next moths as speculators see it as a "safe" place to invest.
However the UK government could help by reducing the tax on fuel.....
Brown’s speech offers nothing for Fleet operators
25/09/2008
Gordon Brown’s speech to the Labour Party conference today contained nothing to offer hope to hard-pressed Fleet operators, according to The Fuelcard People.
Steve Clarke, general manager of The Fuelcard People, said: “Fleets have seen fuel costs rocket under Mr. Brown, but this vital industry seems less important to the prime minister than trying to save his job. Losing three by-elections and four junior ministers this year should be enough to tell him that people want effective action, now, to improve the economic situation. In particular, Fleet operators want something done about the price of fuel, which is such a key element in their operating costs. Even a temporary cut in the high rate of fuel duty would help.”
Steve Clarke has better insight than most into the concerns of Fleets, as his company talks to them constantly, every day. “They contact The Fuelcard People initially to find which fuel card offers the best combination of savings, service and security for their business,” he said, “but it is not long before they begin to vent their frustrations about lack of government assistance for their industry. We are equally frustrated, because we can always help them to find the best fuel card, but saving a typical 2p to 3p per litre on the national average pump price ant around 10p at motorway service areas does not remove the cause of their problems.”
www.TheFuelcardPeople.co.uk is one of the few fuel card companies able to offer truly impartial, independent advice, offering a broad choice of cards from leading brands including BP, Esso, Shell, Texaco, Diesel Direct (Keyfuels) and ReD.
Re: Oil price soars again
Break open the Vaseline!
Oh, hang on. What is Vaseline? - Petroleum Jelly.
Guess that'll be going up as well then!