Today came new warnings from the petrol industry. Drivers should prepare for much more pain at the pumps. Already fuel prices are higher than this time last year. But now, despite a forecourt price war, there is about to be a surge in costs. Here are the facts:
- Crude Oil has gone up 10% in 2 weeks.
- Wholesale petrol prices have gone up 10p per litre since late June.
- It is now escalating faster, and went up 1.6p in just 24 hours on Wednesday this week.
- The national average unleaded price today is 136.2.
(Source: Petrol Retailers Association)
Petrol prices are heading up at such a rate, that warnings have come from the industry and motoring organisations. The AA says the increased costs have already added £10 a month to bills for a typical two car family. But things are about to get worse.
A large price spike has built up in the pipeline - and is about to break onto Britain's forecourts. Falling pump prices in the UK lasted just 75 days and now they're heading up at a rate which once again threatens to undermine the Bank of England's inflation target.