Pumped Up: Petrol Prices Hit Record High
3:07pm UK, Thursday April 08, 2010
Average petrol prices have risen to an all-time high of 120p a litre, eclipsing the previous peak of 119.7p seen in July 2008, new figures show.
A weak pound, high oil prices and a hike in fuel duty have lifted pump prices
Revealing the data, the RAC stated it was a “dark day for motorists”.
The record high is partly down to soaring wholesale costs, with the price of oil hitting an 18-month high earlier this week.
UK drivers have also been hit by the weaker pound pushing up wholesale petrol costs, as well as fuel duty hikes from the Government.
Although Chancellor Alistair Darling staggered the introduction of the latest duty rise in last month’s Budget, 1p a litre was added on April 1, with a further 1p rise to come in October.
In all, tax rises since December 2008 have added around 10p to the cost of a litre of fuel.
RAC motoring strategist Adrian Tink said: “Petrol prices have been rising steadily over the past year and have now reached the inevitable record high.
“However, this is only the average; in some areas motorists will be paying close to £6 a gallon (131.9p a litre).
“With the election campaign now in full swing, Britain’s hard-pressed motorists will be keen to hear what the political parties have to state about the escalating petrol prices.
“This is a key issue for Britain’s 32 million motorists, who are watching their bank accounts drained every time they fill up.”
The spike in pump prices comes despite oil slipping back from Tuesday’s 18-month high above $87 a barrel to closer to $85.
The previous all-time high of 119.7p was reached when oil prices rose to $147 a barrel – but at a time when the pound was far stronger.
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