United Kingdom: ‘Brexit’ to drive up fuel prices

United Kingdom’s vote to leave the European Union will drive up the country’s fuel prices, according to Petrol Retailers Association chairman Brian Madderson.

In an interview with the BBC News, Madderson said that an increase of 2 pence – 3 pence a liter is likely to be seen at gas stations this week.

The depreciation of pound against dollar, he added, would have an immediate impact as wholesale fuel prices are quoted in dollars.

Motoring organization AA concurs with Madderson saying that the price might be expected to rise by 2.25 pence a litre, or £1.25 a tank if the market conditions remain unchanged over the next 10-14 days.

Nonetheless, the strengthening of pound and weakening world fuel prices might reduce the impact.