F&I Management & Training

A $25 a barrel surge in crude oil prices - the largest single one-day rise - is likely to send UK petrol and diesel prices soaring again following recent pump price cuts. In recent weeks the price of crude oil has dropped by around a third from an all-time high in July of $147 a barrel. However, continuing unrest in the American financial sector sent the price of crude soaring by up to $40 a barrel to around $130 during trading yesterday (Monday, September 22). Although, prices dropped slightly towards the end of trading to about $116 a barrel. It is feared that the rise will give fuel retailers a reason to stop cutting the price of petrol and diesel, which has been the trend in the past few days. However, even with this week's rise in crude oil prices the AA says pump prices continue to remain too high in relation to the price of crude oil in July. The oil industry says it takes around six weeks for crude oil prices to feed through to the pumps, so the AA argues that petrol and diesel prices on forecourts should be lower.

DATED: 25.09.08

FEED: AW