RAC predicts pump prices to rise by up to two pence

Following the referendum result, the value of the pound is likely to result in higher prices at the pump despite a drop in the world crude price.

RAC Fuel Watch spokesman Pete Williams said: “It is too early to tell what the implications are in the mid to long term but it is likely motorists will see some volatility in the price of fuel on UK forecourts in the coming weeks.

"While the cost of crude has dropped as markets react to fears of a global economic slowdown, the fall in the value of the pound to levels not seen since 1985 means that retailers are today facing an increase in the wholesale price of around 1.5 pence, which will very likely be passed on to motorists at the pump.”