Increasing fuel rates will push the cost of filling up the typical family saloon or estate car to £70 by Easter, retailers have warned.
This record high comes into play from April 1 mainly because petrol and also diesel rates skyrocket by 8p a litre because of yet another ‘stealth tax’ as well as rising oil prices.
This would drive the cost of unleaded petrol up to £1.36 a litre (£6.18 a gallon) as well as diesel up to £1.40 a litre (£6.36 a gallon).
This would mean the price of filling a saloon with a 50-litre tank will climb to about £70. Only 12 months ago, when petrol was £1.10 a litre, we’d be paying £56, marking an increase of 25%.
The depressing outlook for motorists came as Brent crude oil increased to $98 a barrel on London markets yesterday for the very first time in twenty seven months. Industry experts said smashing the $100 a barrel threshold is ‘imminent’ among growing global demand.
Petrol retailers have written to George Osborne urging the Chancellor to give up on the next automatic ‘escalator’ rise in fuel duty in his Budget, which will see up to 5p a litre added to the price of petrol. Coupled with predicted oil price increases, drivers and hauliers face a total rise of 8p.
AA spokesman Luke Bosdet said: ‘Motorists are punch-drunk with these relentless price rises. They are driven by greedy speculators playing the markets and pushing up the price of oil, and therefore petrol and diesel. The pips are squeaking.’