Pound slump means motorist pain at the petrol pump Crude oil is priced in dollars in international markets, meaning that a weaker pound makes for pricier fuel.
Crude oil is the raw material for petrol and diesel and it is priced in dollars in international markets, meaning that a weaker pound makes for pricier fuel.
The pound has suffered as investors sold large amounts of UK government debt, sending borrowing costs soaring, and leading Treasury minister Darren Jones to warn on Thursday that “public services will have to live within their means”.
And a weaker pound will mean more expensive holidays to and imports from the US, such as iPhones, software and food, as Britons grapple with the costs of soaring energy bills, tighter mortgages, and expensive groceries.
Howard Cox, founder of the FairFuelUK campaign said: “Oil is priced in dollars and its going to make a very negative impact for drivers on the forecourts and the wholesale price for drivers will be going up.”.
