Retailers are warning that motorists will have to deal with petrol prices that have increased as much as 10p per litre due to the fact that each barrel is now worth £68. Petrol retailers are blaming the increase that is affecting many countries globally on the price of Brent crude suddenly soaring because of the unrest being experienced in North Africa and the Middle East.
This will only compound the problem of rising fuel costs for most motorists in the UK who are already dreading the 5p increase in the fuel duty that will begin on April 1st and the Retail Motor Industry stated that now it is possible that another 5p increase per litre is still to come. While 5p may seem like a small rise, this would make the total cost of filling the average petrol tank increase by £5. This will also affect flight tickets as air fares will also reflect the rise in fuel prices.
At the moment unleaded petrol on average costs about 129p per litre which is a 17p increase over last year and diesel costs are up by about 20p up to 134.3p per litre.
As the cost of crude petrol continues to increase the chancellor may be forced to halt the increase in the fuel duty in order to help consumers and businesses alike deal with the more expensive fuelling prices that are not expected to drop back down any time in the near future.