Petrol prices in 2017 - predictions from the petrol prices monitoring website - petrolprices.com

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Update
OPEC confounds skeptics and agrees first crude oil production cuts in 8 years. It was a broader than expected agreement to include non-OPEC countries. Benchmark crude oil prices climb to top US$50. Forecourt petrol prices in the UK rose but are today now around 114.9p/litre having reached 115.7p near the end of November according to the online petrol prices monitoring website. There is another OPEC meeting on 9th December 2016 so further details of what is a complicated agreement between producer countries may be revealed then and impact prices. See Bloomberg Markets report. More Update: 161208

Further update
Reports say that over the weekend OPEC managed to convince a number of non-OPEC producers to participate in crude oil production cuts. That news sent crude oil prices higher with worrying forecasts. The underlying aim of the OPEC move is to restore the balance between demand and supply and to lift crude oil prices. Some forecasts suggest crude will reach US$60 by the year end and possibly US$70 by mid-2017.
Update: 161213
In its petrol prices review for 2017 the prices monitoring website petrolprices.com says "predicting petrol prices in an increasingly unpredictable world isn’t an easy thing to do! However, that doesn’t mean we cannot try. As we head into 2017, it’s inevitable that we’ll wonder what the new year may have in store for motorists". Predictions

See our earlier petrol prices news items:
UK petrol prices over the last two years. More 161125
How much will higher prices cost you? More 161213

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Winter 2017 (January – March)
They say "after seeing petrol prices shoot up in December, we think it’s likely there may be some stabilisation as we head into the New Year, particularly by the end of January – when the world will be watching the inauguration of President Donald Trump. Once Trump takes the keys to the White House, there’s a strong possibility that there will be downward pressure on the oil price, which will hopefully lead to falling petrol prices. While time will tell exactly what kind of projectionist decisions Trump makes, a pro-fossil fuels and pro-fracking president is likely to want to boost national production, which could put pressure on OPEC and other nations to lift their production caps to compete. While it’s impossible to predict how financial markets will react, there’s also a chance the Dollar will fall once Trump takes office. If it does, this could also contribute to cheaper consumer fuel in the UK.

Spring 2017 (March – June)
They say "the end of March is Theresa May’s target date for invoking Article 50 to begin Britain’s withdrawal from the EU. As such, it’s likely British eyes will turn away from the US and back to more local matters by the time the clocks change! It’s almost impossible to predict what will happen to petrol prices around the invocation of Article 50. Spring will also be time for another budget – the last before the spring budget becomes the “Spring Statement.” With all eyes likely to be firmly on Brexit, another fuel duty freeze seems most likely at this point".

Predictions towards the year end
They conclude with "2017 is going to be another difficult year for fuel prices with many significant events taking place that could impact costs – upwards or downwards. While it seems highly unlikely that we’ll see extremes of pricing near the 145 pence per litre levels of 2012, we do expect petrol prices to reach between 120-130 pence per litre at certain points in 2017".

Posted: 161229