Motorists are facing further misery in these modern times as petrol costs reached a whole new record peak of £1.22 a litre, as reported by the AA.
Following a 7-day period of traffic pandemonium with the Big Freeze, the price of topping up at the pumps is ready to sky rocket – adding approximately £25 towards the regular monthly expenses of a two-car family.
It arrives as households around The country battle with increased food and utility payments.
Rising oil and wholesale fuel rates – together with supposed profiteering from oil barons and suppliers – are attributed for the increases in the price of petrol. Prices are likely to rise even higher in the New Year when the VAT rate goes up another 2.5% – to 20%.
The AA, which has accused oil giants and fuel retailers of profiteering, said prices will hit 121.61p today – and has predicted highs of up to 124p in the coming weeks.
‘It is highly likely that UK average petrol prices will set a new record on Friday,’ said a spokesman.
The record price for diesel is 133.25p set on 17 July 2008.
At the beginning of 2010 petrol averaged 109.88p a litre and since then has risen 11.68p a litre. It means drivers are paying ?5.84 to fill their tanks. And the extra monthly cost of petrol for a two-car family is now ?24.80.
AA President Edmund King said: ‘In the past week, we have seen the average price of petrol shoot up 1.7p a litre across the UK and diesel rise 1.61p.
‘It comes at a particularly bad time for drivers who have struggled with appalling winter weather and often seen their fuel drain away while stuck in snow-bound traffic jams.
‘Although the wholesale price of petrol has risen sharply in the past fortnight, there is a growing feeling of helplessness among drivers with winter travel disruption and ever-rising fuel costs.
‘If current prices persist, the new year increase in fuel duty and VAT will push petrol prices up to 124p a litre.’ He added: ‘Our only hope is that either oil and fuel markets settle back down or the pound strengthens against the dollar. Until then, it is an even more uncomfortable ride for families trying to keep their cars on the road.’