Motorists face 5p a litre petrol price rise warns AA as first wholesale figures emerge in wake of Saudi attacks

 Motorists face 5p a litre petrol price rise warns AA as first wholesale figures emerge in wake of Saudi attacks

Motorists could face a 5p per litre spike in pump prices after wholesale petrol costs soared in the wake of the drone strikes on Saudi Arabia, the AA has warned.
The drivers’ organisation said the weekend attacks – which sent the oil price as much as 20pc higher on Monday – also pushed up the wholesale cost of petrol by 4.21p a litre, according to industry data. 
Including VAT of 20pc, the surge spells an extra 5p a litre at the pumps, if passed on in full by petrol retailers. That would take the average price of a litre of petrol from the current 127.7p to 132.7p a litre, the highest since October 2013.
The AA compared the impact of the attacks to the devastation caused by Hurricane Katrina in the Gulf of Mexico in 2005, which also pushed up a litre of petrol by 5p before falling away.
Drivers who fill up at supermarket forecourts should be insulated for price rise for longer than independent petrol retailers, who will be forced to pass on the jump in the wholesale price more quickly, according to the AA’s spokesman Luke Bodset.
Asda, Sainsburys and Tesco are engaged in a petrol price war after slashing pump costs by 3p a litre last weekend.

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