The RAC says fuel could go up by 'at least 2p per litre'.
Fuel prices are expected to rise sharply over the coming weeks as the Trump administration pulls the US out of the Iran nuclear agreement.
President Trump announced last week that America would withdraw from the ‘decaying and rotten’ deal with Iran, choosing instead to impose sanctions on the Middle Eastern country.
Trump’s decision is likely to have far-reaching consequences, which, according to the RAC, may include the price of fuel in the UK.
The motoring organisation said the decision could cause price rises of more than 2p per litre over the coming weeks, after the US decision saw the price of Brent Crude oil jump to $77 (£56.84) a barrel – the highest level since November 2014.
According to the RAC’s fuel spokesman, Simon Williams, the weak pound and high oil prices are a ‘toxic combination’ for drivers worried about the cost of filling up. Speaking last week, Williams said: ‘Prices at the pumps are likely to rise by at least 2p a litre in the next fortnight as a result of the United States' decision to pull out of the Iran nuclear agreement.
‘The last time oil was this expensive was in November 2014 when prices were falling due to Opec's decision to oversupply the market. Unfortunately, the situation now is very different as supply is being curbed and the pound is far weaker. That makes fuel more expensive as, like oil, it's traded in dollars. This is potentially a toxic combination for motorists as it will inevitably lead to price rises on the forecourt.
‘Drivers are already suffering as last month saw almost 3p a litre being added to the average price of petrol and diesel, making it the worst monthly fuel price rise since December 2016. If another couple of pence a litre goes on, it could take the average cost of a litre of unleaded to 126.5p – a price last seen in October 2014 – which would make filling up a 55-litre family car cost nearly £70.’