Prices at forecourts in Jersey dropped to their lowest level in years in February when the global price of crude oil fell to a ten-year low following a price war between Saudi Arabia, Russia and other oil producers.
And although local prices are still currently low – 89.5p per litre at the Island’s cheapest forecourt – suppliers have warned that they are starting to rise.
The warning comes after the global cost of oil reached $40 (£28) a barrel for the first time since early December – as a result, the cost of petrol in the UK rose last month for the first time since July 2015, with the average price per litre now 105p.