5p-a-litre fuel rise coming?
- Oil producers meeting
- Cut in oil production expected
- Fuel costs will rise as a result
Just as we thought it was safe to celebrate falling fuel prices, we could be facing a 5p-a-litre price rise by Christmas.
The increase is expected if members of the oil production cartel OPEC go ahead with a threat to cut supply following a meeting in Vienna today.
OPEC is made up of 12 countries, and it wants a cut in production to force up the price of crude oil, which has fallen from a record high of $147 a barrel in the summer to around $65.
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