Adding Fuel To The Fire

Inflation is on the way back and motorists will see the impact whenever they fill up at the pumps, with petrol 22p a litre more expensive than a year ago.

- Harvey Jones

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THE RISING OIL PRICE

It now costs £12.10 more to fill up a 55-litre tank than this time last year, and price rises could accelerate as top commodity traders including Goldman Sachs predict crude oil could soon hit $100 a barrel, up from today’s $74.

The oil price has roughly doubled since the Covid vaccine breakthroughs in early November, as traders anticipate economies will open up and travel restart.

Think Markets market analyst Fawad Razaqzada said the oil glut built up during the pandemic has almost completely gone: “As well as a stronger recovery in demand, the OPEC+ alliance has kept supply in check.”