Petrol prices could rise within days

Petrol pump

Petrol pump

Petrol and diesel prices could rise within days due to the plunge in the value of the pound following the EU referendum, experts warned.

Brian Madderson, chairman of the Petrol Retailers Association, said a rise of 2.5p per litre would be expected if the US dollar continues to trade at around 1.35 to the pound.

“I would think certainly by early to middle of next week we’ll see prices moving upwards,” he told the Press Association.

The increase is due to wholesale fuel prices being quoted in dollars, Mr Madderson added.

The AA also predicted an increase in pump prices, releasing a statement which read: “Assuming that current market conditions persist over the next 10-14 days, the price of petrol at some fuel stations might be expected to rise by 2.25p a litre or £1.25 a tank.”

A recovery in the value of the pound or a drop in the price of oil would reduce any increase in fuel prices.