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Downward trend in petrol prices halted

Rise of around 3% locally

Some local petrol prices have risen after a series of cuts in recent weeks.

EVF stations around the Island are selling unleaded petrol for £1.62.9 pence per litre - a rise of three pence.

It reverses the recent trend and is thought to reflect the controversial decision of the OPEC cartel, earlier this month, to cut production which forced up wholesale prices.

The move was led by Saudi Arabia and Russia.

Cuts in fuel prices over the past three months have offered some welcome relief for motorists but the controversial move by OPEC looks to have brought a halt to the trickle of good news.

OPEC reduced production by two million barrels a day, which is around two per cent of global supply, forcing up wholesale prices.

The situation wasn't helped by the Truss administration's so-called mini-budget which caused the value of sterling to crash against the US Dollar - the currency used in the oil markets.

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