Article By Tarquin Philo, Business Centre Manager, Read Hyundai

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