Chinese fuel rise makes oil prices dip

• China rises price of fuel by 18%
• Global oil prices dip as a result
• Chinese demand for fuel pushed up prices

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Oil prices have taken a dip at last after the Chinese government decided to raise the price of petrol and diesel by 18%.

China is the world's second-largest consumer of oil - its fast-growing economy and increasing demand for fuel had been one of the contributory factors in the recent hikes in oil prices.

Following the announcement, US crude oil prices fell by£4.02 to $132 (£67). However, it will be some considerable time before the benefits, if any, of the crude oil dip filter down to consumers in this country.

Petrol and diesel prices in this country are expected to rise further. Petrol is currently at an average of 118.4p for unleaded and 131.8p for diesel.