PRA comments "Middle East unrest triggers oil price rise"

12/04/2018

Brian Madderson, Chairman of the Petrol Retailers Association (PRA) has warned of steeply rising pump prices as the Platts UK wholesale costs for petrol and diesel climb by nearly 4ppl in less than 4 weeks.

With the Government’s “Road Fuel Transport Obligation” (RTFO) increasing the bio-fuel element to 7.25% across both grades from 15 April, retailers and motorists will be faced with yet another increase by mid-month.

President Trump’s promise that US missiles “will be coming” to Syria caused the benchmark Brent Crude price to climb sharply above three-year highs to almost $73/barrel amid a volley of threats between the US and Russia and an attempted Houthi air strike from Yemen targeting oil titan Saudi Arabia.

The global oil price rocketed by almost $2 in the space of an hour after the oil rich kingdom confirmed that it intercepted two Houthi rebel missiles above the capital Riyadh which suggest that the country’s major oil facilities could be a target.

The Houthi attacks on the world’s largest oil producer spurred global oil markets up almost 9pc this week alone to the highest prices seen since December 2014.

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NOTES TO EDITORS:

About PRA

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.