Plunge in value of pound will lead to higher fuel prices for drivers 🔍 Analysis by theipaper shows that if pound reaches parity with the dollar the cost of filling up the average tank will rise by around £3
buy oil by the tonne. The current price of $900 a tonne equates to 63.5p a litre at the current $1.07 value of the pound to the dollar. The rest of the price at the pumps is made up of VAT, a fixed fuel duty of 52.95p per litre, and a retailer profit margin of around 7.5 per cent.
Any fuel price rises could also have a knock-on effect on prices across other consumer items in stores as the cost of deliveries rise.that the falling value of the pound will result in pump price increases as oil is traded in dollars. Luke Bosdet, the AA’s spokesman on fuel prices, said both petrol and diesel prices remain high due to the falling value of the pound against the dollar, despite the price of a barrel of oil falling back to the level before the outbreak of war in Ukraine on 24 February.
However, charging an EV at home remains significantly less expensive than fuelling a petrol or diesel car.
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