Following a torrid weekend at the pumps for British drivers, the price of gasoline began to creep down today as oil refineries began to repoen in Texas after Hurricane Harvey.
US gasoline futures fell 3.4 per cent to $1.6844 as refineries began to restart. Last week they crept over $2 for the first time since mid-2015 after almost a quarter of US refineries, producing 4.4m barrels a day, went offline as the hurricane wreaked havoc across Texas.
On Friday the RAC warned drivers in the UK should expect petrol prices to increase by up to 4p per litre this week, bumping them above 121p per litre, its highest since December 2014.
That rate will mean petrol prices rise above diesel for the first time since June 2016.
“The price of unleaded petrol will leapfrog diesel early next week, rising by up to 4p per litre as the impact of Storm Harvey and the shut-down of large refineries in the Gulf Coast drives up US demand for petrol imports," said RAC spokesman Pete Williams.
“We expect this to be the case for some time to come, or at least until the US oil industry is able to get refineries back into operation and production in the Gulf Coast returns to normal - to meet the United States’ immense appetite for gasoline."
Figures by comparison site PetrolPrices.com suggest unleaded was at 118p this morning, just below diesel's 118.6p.