Petrol prices set to rise by another 8p a litre over next 12 months

Petrol prices set to rise by another 8p a litre over next 12 months

New figures from leading motor group the AA have found that motorists are continuing to suffer ‘stubbornly high’ fuel prices whilst rising inflation is threatening further significant hikes in the price of petrol and diesel.

Estimates suggest that motorists face a further 7-8p on the price of a litre of fuel over the next twelve months.  Experts are therefore urging the Government to take action to help long suffering motorists.

Average family spent £241 more on petrol this summer than in 2010

The Daily Mail reports AA figures which found that in mid-October, average petrol prices were 134.51p a litre.  The average price of a litre of diesel was 139.65p a litre, compared with 139.62p in the middle of September 2011.

The motoring organisation found that in the period from April to mid-October 2011, the cost of petrol has averaged 135.50p a litre whilst a litre of diesel has averaged 139.98p.

The newspaper reports that ‘prices peaked at May’s record average prices of 137.43p for petrol and 143.04p for diesel and fell as low as 133.68p for petrol and 137.69p for diesel during the first weekend of July. These summer averages compare with last year’s 118p for petrol and 120.25p for diesel.’

A family with two cars has, on average, spent £241.54 more on petrol this summer than they did a year ago, while van drivers have faced an average £15.76 additional cost every single time they have filled up an 80 litre commercial van tank.

The AA said: “The UK’s stubbornly high fuel prices come despite Libyan oil production starting up again and the International Energy Agency forecasting lower global oil demand.”

In addition, October’s inflation figure of 5.6 per cent ‘casts an even darker shadow over fuel prices next year’ with the AA reporting that rises in the cost of living will result in an additional 7-8p being added to the price of petrol and diesel within the next 12 months.

AA president Edmund King said: “The squeeze from relentlessly high pump prices is due to get worse as driving in the dark and winter weather adds greater fuel consumption to motorists’ misery.

“If the Government isn’t prepared to tackle high oil and fuel prices and their drain on the nation’s wellbeing, it should at least commit to freezing fuel duty until petrol falls at least below 125p a litre and diesel below 130p. If not, even more lower-income and rural motorists will be driven off the road.”

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