Sterling’s drop in value is driving up oil prices; one supermarket is rumoured to be considering an eight pence rise

Motorists should be braced for a diesel price rise of around two to three pence per litre in the next fortnight in the wake of the Brexit referendum.

The price rise will be justified as compensation to oil companies for the drop in the value of Sterling post-Brexit.

"We’ve done the maths and crunched the numbers. Any rise above three pence a litre to reflect currency movements is just post-Brexit opportunism," says Quentin Willson, lead campaigner for FairFuelUK.

Rumours circulated last week that an eight pence per litre rise was being considered by one supermarket chain, while the price of bulk diesel for hauliers was being quoted with a five-to-six pence per litre rise.

But Howard Cox, founder of FairFuelUK warned that "maximum pump price rises should be no more than three pence to ensure retailers’ margins are similar to pre-Brexit levels."

The AA agreed: "We’re not seeing anything to suggest anything other than a two to three pence per litre rise is reasonable."

Typically, a rise that responds to a move in the market takes 10 to 14 days to work its way through the system.

"And we should remember that we still have five pence per litre to get back to where we were last year," added the AA.

All campaigners are agreed that a bigger rise will reinforce calls for an official government fuel price regulator, which FairFuel dubs ‘OfPump’.

Read more: 

Brexit set to drive up fuel prices

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Comments
10

4 July 2016
The article is about the price of diesel but, the accompanying picture shows a man filling a car with petrol...

Citroëniste.

4 July 2016
Surely if the price of crude oil goes up, it would affect the price of petrol and diesel more or less equally?

4 July 2016
LP in Brighton wrote:

Surely if the price of crude oil goes up, it would affect the price of petrol and diesel more or less equally?

The only reason for the author mentioning diesel is going up in price whilst not mentioning petrol prices will be identically affected by the value of the £ compared to the $ can only be down to their anti diesel stance.

289

4 July 2016
....get some glasses Bob.
The pump is Black, not green, and the filler cap clearly says diesel.

4 July 2016
The original one showed a new generation Honda Jazz being fuelled. Probably not a good idea to use diesel in this one!

289

4 July 2016
Ah, OK LP....sorry Bob, thought you were losing your mind ....instead it is Haymarket!

4 July 2016
Bob, either you're a blind old bat, or they changed the picture after your post..

4 July 2016
BS. Any excuse to put the price up.

I have no issue with any manufacturer / re-seller putting their prices up because they need to make more margin (business costs are always spiralling upwards, Brexit or not) but let's be honest about it guys!

 

 

It's all about the twisties........

4 July 2016
So, for someone doing 10,000 miles a year at 50mpg, that increase is about one tank full in overall terms.

4 July 2016
Scratch wrote:

So, for someone doing 10,000 miles a year at 50mpg, that increase is about one tank full in overall terms.

And for someone doing 25,000 miles a year? A bit more, I think...


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