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Energy Insights: Energy News: Soaring oil prices and tax increases cause massive jump in fuel price

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Soaring oil prices and tax increases cause massive jump in fuel price


13-01-2011

by Katie Naylor

Soaring fuel prices  will again cause the cost of petrol to rise, with retailers warning that the price of filling up an average car will reach £70 by Easter.

This record high petrol price will  start to come from the start of April this year as diesel and petrol prices jump up by eight pence per litre as a result of another stealth tax and the continuously rising prices of oil.

This will also cause the price of unleaded petrol to rise to £1.36 per litre, as well as the price of diesel to rise to as much as £1.40 per litre.

These increasing prices and taxes will also mean that the cost to fill up a saloon that has a tank with the capacity of 50-litres will sky-rocket to approximately £70 by Easter. Just a mere 12 months ago, when petrol could be purchased for £1.10 per litre, this cost would have been around  £56, which means that we will see a price rise of 25 percent.

The dark forecast for motorists on the roads has come at a time when Brent crude oil just rose to $98 per barrel on London markets , which is the first time that this has happened in 27 months. Experts have said that it is highly likely that the price of oil will soon jump the $100 mark as the global demand for oil continues to grow.

 A number of petrol retailers have urged George Osborne to abandon the next automatic rise in taxes on fuel, which could see a rise of as much as five pence per litre.

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