'Prices at the pump have already increased by about a penny a litre'
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"Prices at the pump have already increased by about a penny a litre," said Simon Williams, who tracks fuel prices for the company.But Brian Madderson, the chairman of the Petrol Retailers Association, said:"Prices were due to rise anyway." However, the RAC's Mr Williams said price increases may become more pronounced if tensions grow between the US and Iran."If things get more fraught, then the oil traders will get more concerned and we could see the price rise."The price of oil has spiked by as much as 6.7% since the US killed Iranian military commander Qasem Soleimani in a drone strike ordered by Donald Trump.Mr Williams said:"There are several things unfortunately conspiring to make the price of fuel go up.
But the RAC's Mr Williams says what we pay for fuel tends to"rise like a rocket" on news of oil price hikes, but then it rarely declines again at the same pace when oil becomes cheaper.Michael Haigh, head of commodities research at Societe Generale, said:"A political leader killed on January 3 should not theoretically affect what you pay at the pump."
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