Sterling down, Fuel prices up
Following the EU referendum and its result the pound fell sharply. Then, what does it mean for the average motorist?
As you know crude oil is purchased in US Dollars, as the pound dropped significantly, oil is now more expensive.
So, what does it mean for you?
RAC said that the price of fuel could rise by 2p per litre in the coming days. However these increases are diminished by a constant drop in the price of crude oil. At the start of June it was worth $50 after the referendum it was worth $46/barrel
However let's hope that the price per barrel drops further or remain stable otherwise it may become an issue for our wallets.