Motorists could see fuel prices rise to £1.47 a litre over the summer after a warning from the head of Opec that the cost of oil is to increase sharply to between $150 and $170 a barrel.

Chakib Khelil, the Algerian Energy Minister and president of the Opec group of oil-producing nations, made the prediction today during an interview with French television.

He warned that the oil price will continue rising from their current level of $135. Mr Khelil believes that prices may fall later in the year although some investment banks forecast it will hit $200 a barrel next year. ... Read full article