Producers’ agreement with Russia, Mexico and Bahrain is likely to add to inflationary pressures
Households face further pressure from rising inflation as experts predicted a surge in petrol prices following an agreement by oil producers to cut global output.
The cost of petrol is close to rising above £1.20 a litre in some parts of the UK after a weekend deal between members of the Opec oil cartel and non-Opec countries.
Related: Non-Opec countries agree to cut oil output to ease glut