Petrol prices set for record high, says AA

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Petrol prices set for record high, says AA
16/03/2010

Petrol prices could hit a record high of Ł1.20 a litre in the next few weeks, according to the AA. Increases in the wholesale price of petrol since January are to blame for the rise in forecourt prices, the motoring organisation said. It urged the Chancellor, Alistair Darling, to postpone the introduction of a planned 3 pence rise in petrol duty due to come in on 1 April. The AA said families now pay Ł52 a month more on petrol than a year ago. The average petrol price is currently just over Ł1.15 a litre. "The UK is barely out of recession, yet petrol prices threaten to rise to record prices seen during the boom of 2008 - shortly before the collapse into recession," said AA president Edmund King. "If families, drivers on fixed incomes and those on low pay were unable to cope with record prices then, they are even less likely now." 'Complete disgrace' The price of oil is a major determinant of the price of petrol, and yet the current oil price of about $80 a barrel is far below the $147 a barrel-high seen in the summer of 2008, the last time petrol prices neared Ł1.20 a litre. This has led many to question why petrol costs so much right now. Lindsay Hoyle, Labour MP on the Commons business committee, told the Daily Telegraph: "Crude oil has gone up this year, but nothing like the rise in petrol prices. Motorists are being legally mugged at the forecourt by petrol companies." He called the current high price of petrol a "complete disgrace". Analysts said increased refining costs and the weakening of sterling against the dollar - the currency in which oil is priced - helped to explain some of the increase in petrol prices.


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