New oil shock ahead as $100 spike looms
Oliver Morgan and Heather Stewart
Sunday April 30, 2006
With prices already at around $72 a barrel, such an increase could mean drivers facing prices of 110p a litre on forecourts, according the the Petrol Retailers Association. Last week Lord Browne, chief executive of BP, warned that prices could rise to £1 as he unveiled bumper $5.27bn profits for the first quarter.
Shell is also expected to announce close to record numbers next week, with analysts expecting profits around $5.57bn, driven largely by the oil price.