OPEC+ announce oil production cut - what it means for drivers

Reacting to the news that OPEC+ countries have agreed to an oil production cut, RAC fuel spokesman Simon Williams said:

“Such a deep oil production cut will inevitably see oil prices rise, forcing up the wholesale cost of fuel. The question is when, and to what extent, retailers choose to pass these increased costs on at their forecourts. Despite three straight months of pump prices coming down, we believe that in many cases drivers are being charged more to fill up today than they should be based on average wholesale prices over the last few weeks. If we see pump prices go up within the next fortnight, we’ll know that retailers are sticking to their strategy of taking far more margin on every litre they sell than they have historically – much to the dismay of drivers up and down the country.

“We’ll be watching what retailers do when it comes to pump prices closely in the next few weeks.”

Find out more about petrol and diesel prices via RAC Fuel Watch.