RAC reacts to JP Morgan report suggesting oil price could hit $90 a barrel

Reacting to a report from JP Morgan that suggests the oil price could reach $90, RAC fuel spokesman Simon Williams said:

“A further increase in the price of oil would almost certainly mean higher fuel prices for UK drivers – the only thing that could stop that happening would be a dramatic boost to the value of the pound which has been very volatile recently, partly as a result of the ongoing Brexit negotiations.

“If a rise in the oil price were to coincide with a further fall in the value of the pound against the dollar, the effect on prices at the pumps would be severe, with drivers likely facing record high prices of above 142p per litre for petrol and 148p per litre for diesel.”