Fuel prices hit two year high in January

Fuel prices in the UK have continued to rise since the start of the year, with the average cost of unleaded reaching 120p per litre and diesel hitting 121.7p per litre.

“Although we predicted that prices would rise over the course of 2017, we had hoped Trump’s inauguration would provide a brief respite at the beginning of the year for fuel consumers. In fact, we expected prices to perhaps deflate on laying out his energy policy,” said Jason Lloyd, managing director of PetrolPrices.com.

As Trump has held off giving any specifics on his oil policy so far there has been no price change on oil, which is still fluctuating between $50-55 a barrel.

Lloyd thinks we are unlikely to see the 102p average enjoyed in February last year but he believes the price should drop from where it sits currently.

“The uncertainty of Trump is forcing the oil industry to rethink and not retrench. Interestingly, this week Shell sold 50% of its North Sea oil assets (for £3.8 billion). They've been doing this a lot recently, which suggests that the major players are correcting their market position, divesting of old sites in expectation of new markets and opportunities. It’s clear that some big shifts are imminent, and hopefully this will convert to savings for fuel consumers,” Lloyd added.