The oil and petrol price boom is set to continue as Brent crude rose $1 at one stage on Wednesday, hiking the cost of a barrel to $113.
The rise was provoked by weekly data from the US government that showed a decline in stock levels at American refineries.
Supply issues are partly to blame for the fact that Brent blend has risen by more than 25% since the end of June and spiked to $112.56 earlier in the week.
With North Sea output and crude stock in the US dwindling faster than expected, and a recent fire at a Chevron refinery in California, high fuel prices look set to stay for quite some time.
Steering around expensive petrol prices by using the following tips could help save money:
- Use public transport to get around. Buses usually run every 10-15 minutes, trains often stick by their schedules to the second – and with rail cards or bus passes you could make even bigger savers in the long run.
- Take advantage of rewards cards. Some companies, such as AA, offer rewards cards, which can significantly reduce the cost of fuel through a points system.
- Drive at the speed limit. Although driving at 30mph down a long straight road can be frustrating, all vehicles actually lose fuel economy above 55mph.
- Carpool. Taking it in turns with a colleague to drive to work effectively doubles your fuel economy for the trip and slashes petrol costs in half.
- Make the most of technology. By using laptops and phones to replace driving to a business meeting or even the shops, you could make substantial savings.