A $25 a barrel surge in crude oil prices - the largest single one-day rise - is likely to send UK petrol and diesel prices soaring again following recent pump price cuts.

In recent weeks the price of crude oil has dropped by around a third from an all-time high in July of $147 a barrel. However, continuing unrest in the American financial sector sent the price of crude soaring by up to $40 a barrel to around $130 during trading yesterday (Monday, September 22). Although, prices dropped slightly towards the end of trading to about $116 a barrel.

It is feared that the rise will give fuel retailers a reason to stop cutting the price of petrol and diesel, which has been the trend in the past few days.

Source: Autowired