The flooding in oil rich Texas has damaged supplies of fuel in the US<\/figcaption><\/figure>\nThe RAC said petrol was on course to overtake diesel costs for the first time in a year with average prices likely rising above 121p per litre – its highest level since 2014 – with no end to the surge currently in sight. Diesel, it predicted, would remain stable at around 118.5p.<\/p>\n<\/div>\n
A spokesman for the motoring organisation, Pete Williams, said: “The price of unleaded petrol will leapfrog diesel early next week, rising by up to 4p per litre as the impact of Storm Harvey and the shut-down of large refineries in the Gulf Coast drives up US demand for petrol imports.<\/p>\n
He added: “One quarter of the refining capacity in the States remains offline leaving a shortfall of over four million barrels a day, and crude oil production in the Gulf of Mexico is down 13.5%. “In response, oil traders are acting to redirect fuel to the US ahead of the busy Labor Day weekend surge in travel.”<\/p>\n
The PRA said it had been told by Platts, the independent provider of information and benchmark prices for the commodities and energy markets, that “there have been a large number of oil tankers set to move to the US from Europe carrying gasoline to make up shortfalls in the Gulf region”.<\/p>\n
PRA chairman Brian Madderson added: “This will be bad for UK inflation, for cash strapped UK motorists and for the economy as money is diverted from other purchases”.<\/p>\n","protected":false},"excerpt":{"rendered":"
Petrol retailers warn motorists of a jump in fuel costs next week as wholesale prices rise by 4p-per-litre in just five days. UK drivers face the prospect of a jump in petrol costs next week because of a steep rise in wholesale prices being blamed on the effects of Hurricane Harvey. The warning was sounded…<\/p>\n","protected":false},"author":6,"featured_media":3261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,48,47],"tags":[],"_links":{"self":[{"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/posts\/3258"}],"collection":[{"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/comments?post=3258"}],"version-history":[{"count":2,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/posts\/3258\/revisions"}],"predecessor-version":[{"id":3286,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/posts\/3258\/revisions\/3286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/media\/3261"}],"wp:attachment":[{"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/media?parent=3258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/categories?post=3258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moovafrica.com\/news\/wp-json\/wp\/v2\/tags?post=3258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}