Fuel price warning as costs could soar for British motorists due to cut in oil exports
FUEL costs could soar for British motorists – as a cut in oil exports is expected to push wholesale prices up.
Members of oil group OPEC+, including Russia and Saudi Arabia, voted to reduce the amount of oil exported to Western nations.
The oil-producing countries say the reduction, which is the largest since the peak of the Covid pandemic in 2020, will stabilise falling global oil prices.
An RAC spokesman said the decision would “inevitably” cause higher prices at the pump.
The motoring group added: “The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts.
“We believe that in many cases drivers are being charged more to fill up today than they should be based on average wholesale prices over the last few weeks.”
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United Arab Emirates Energy Minister Suhail al-Mazroui defended the move, claiming the reduction call was “technical, not political”.