According to Experian Catalist, petrol has soared to a peak of over 121p per liter for unleaded. After the increase in VAT and the higher duties on fuel hit in January, prices will escalate. Between the higher VAT and fuel duties, Experian Catalist expects prices to increase by 3.5p per liter, but diesel is less than 10p from its record price from Summer 2008, ignoring the impact of inflation.
Freezing weather interfering with deliveries is one reason fuel prices are high, according to Edmund King, president of AA. One barrel of oil is close to $90, putting fuel prices’ nose to the grindstone through the highest trading level all year.
Motoring will cost another £6 to a tank of petrol, the AA said, compared to the beginning of this year. “It’s shocking to realize fuel is 13p per liter more than the same time last year,” Adrian Tink, a motoring strategist for the RAC, admitted.
Calling for the fuel duty increase to be rescinded, he added, “Many factors have contributed to the rises, but over the past two years we’ve had to suffer five of them. Now, with the VAT increase, we’ll be assaulted by yet one more petrol price increase.”