Surge in crude oil and gas prices reignites concerns for motorists and utility bills

Motorists will pay more for their petrol by the end of the month after the sharp rise in the price of crude oil.

A sharp rise in the price of crude oil could mean motorists will pay more for their petrol by the end of the month, while a rise in wholesale gas prices may delay cuts in utility bills for households and businesses.

Brent crude oil surged on Monday by over 5% to about $85 a barrel, putting $100 a barrel back on the horizon, after the group of oil producers known as Opec+ announced a surprise plan on Sunday to cut output.