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Gloucestershire Business News

Petrol price rises bad news for business

Drivers should brace themselves for a petrol price rise, according to the RAC and AA.

Saudi instability has hit the cost of oil, with prices hitting their highest level for two and a half years, as reported by Sky News.

Now the RAC has predicted a rise of 3p per litre for unleaded users in the next fortnight.

The impact of rising prices is already being felt by UK motorists - but there could be more upwards pressure to come, as oil costs can take up to three weeks to be reflected in prices at the pumps. It's thought drivers will have to pay an average of almost 122p per litre for both unleaded and diesel, with the price of diesel rising less sharply than the price of petrol.

Punchline says: "Coming so soon after the interest rate rise , this will start to eat into disposable incomes, and people will be forced to tighten their belts and cut back on shopping and going out. This is bad news for both Christmas shoppers and to businesses moving into their busiest time of the year."

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