Petrol and Diesel costs

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The price of petrol and diesel at the pumps has soared to a record high.

The average price of petrol is now 121.76p a litre, overtaking the previous record figure of 121.61p reached on May 12 this year.

The average diesel prices are now 125.73p a litre – still short of the July 2008 record of 133.25p (but there is time!)

Petrol is now 11.88p more expensive than it was at the beginning of this year, with motorists having to pay almost £6 more to fill an average tank.

If current prices persist, the new year increase in fuel duty and VAT will push petrol prices up to 124p a litre (that £5.64 a gallon for those of us who remember them!)

Our only hope is that either oil and fuel markets settle back down or the pound strengthens against the dollar.

While the increases this year have been driven by a number of factors, you can’t get away from the fact that we have seen five rises in fuel duty in the past two years – and we’re due another one in January, plus a VAT rise.

Who knows what the price will be come January 5 2011? An average of 125p per litre is very feasible.

If the Government is serious about ending the war on motorists, then for the large majority of drivers that starts at the petrol pumps. January’s rise must be cancelled, and the overall issue of the price of petrol in this country needs looking at urgently.

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