UK Fuel Costs Expected To Hit Record High

Motorists face further anguish today as petrol costs hit a whole new record high of £1.22 a litre, as outlined by the AA.

Following a 7 days of traffic pandemonium with the Big Freeze, the expense of refueling at the pumps is ready to surge – adding roughly £25 towards the month-to-month bill of a two-car family.

It arrives as individuals throughout Britain fight their way with larger food and utility bills.

Rising Oil and wholesale fuel costs – together with claimed profiteering from oil companies and suppliers – are held responsible for the increases in the price of petrol. Prices are likely to rise even higher in the New Year when the VAT rate goes up another 2.5% – to 20%.

The AA has predicted highs of up to 124p in the coming weeks.

‘It is highly likely that UK average petrol prices will set a new record on Friday,’ said a spokesman.

AA President Edmund King said: ‘In the past week, we have seen the average price of petrol shoot up 1.7p a litre across the UK and diesel rise 1.61p.

‘It comes at a particularly bad time for drivers who have struggled with appalling winter weather and often seen their fuel drain away while stuck in snow-bound traffic jams.

‘Although the wholesale price of petrol has risen sharply in the past fortnight, there is a growing feeling of helplessness among drivers with winter travel disruption and ever-rising fuel costs.

‘If current prices persist, the new year increase in fuel duty and VAT will push petrol prices up to 124p a litre.’ He added: ‘Our only hope is that either oil and fuel markets settle back down or the pound strengthens against the dollar. Until then, it is an even more uncomfortable ride for families trying to keep their cars on the road.’