Fuel Prices

28th December 2008

PETROL prices may be about to get pumped back up. After a slump in oil prices gave drivers a break from rocketing fuel bills, the OPEC cartel of oil-producing nations agreed a huge production cut to try to force crude values back up.

Output was slashed by 2.2 million barrels per day in a bid to push prices up from the current per barrel to around . When petrol reached an average level of 119.5p per litre in July, that figure was 7. But some analysts say plummeting demand brought about by the global economic crisis will prevent a price hike.