Crude-oil prices rose by nine per cent last week to more than $50 a barrel after Opec, a group of some of the world’s biggest oil producers, agreed to limit output for the first time in eight years.
Opec plans to cut production by around 1.2 million barrels a day.
Petrol and diesel prices hit their lowest point in years – around 88p per litre – in February but Jersey retailers are predicting prices are only heading in one direction in the foreseeable future.
And the increase in oil costs is also likely to push up household energy bills and could have a knock-on effect on the price of food.
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