Fuel card news: Oil prices 'unlikely to fall'
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02 August, 10 Long-suffering British motorists have been warned by a member of an American thinktank not to expect any relief from reductions in oil prices, which are "unlikely" to experience any significant falls. Writing in the Financial Times, Trevor Houser of Washington DC-based organisation the Peterson Institute for International Economics claimed demand for the commodity in developing countries has increased by as much as ten per cent. "There is also little hope that new supply will bring much relief," he explained. "Opec countries control an increasing share of global reserves and are not inclined to increase production just to give consumers a break." Mr Houser added that oil prices have largely weathered the storm of the recent financial slump due to the rapid increase in Chinese fuel consumption, which has doubled since the turn of the millennium. His comments are unlikely to provide much comfort to drivers in the UK, who are currently paying an average of 119.3p for a litre of diesel, according to Petrolprices.com. Find out more about the Shell fuel card and start saving now. Posted by James Richmond  |
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