RAC suggests fuel prices may have bottomed out in January
The start of 2016 saw prices on many forecourts at less than £1 per litre for both petrol and diesel as supermarkets fought to undercut each other. At its lowest, the price of diesel fell to below 98p/litre.
According to the motoring organisation, the cost of a barrel of oil hit a 12-year low of $26 on 20 January, but has since rebounded, finishing the month at $33, causing the retail price of fuel to rise once again.
January saw the oil price go into free fall but since the low of $26 a barrel the market has started to creep back up.
If this continues for a long period, it will push wholesale costs up and the knock on effect is pump price increases.
So with a possible increase on the horizon, read our guide to maximising your MPG here