Stock market 'raising fuel costs'

The falling pound and stock market speculators are driving up the cost of petrol, according to the AA. The price of petrol at the pumps has gone up a further 1p in the last five days. The Chancellor says he has "taken action."

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Fears UK could see 'most expensive petrol ever' by Easter

The falling pound and stock market speculators are driving up the cost of petrol, according to the AA. The price of petrol at the pumps has gone up a further 1p in the last five days.

The AA says that in little more than a month the cost of filling up an average saloon has gone up by more than £4 and it has been predicted that by Easter we could be seeing the most expensive petrol ever.

ITV News Correspondent Emily Morgan reports:

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Labour: Millions will worry over petrol price increase

Millions of people who are already feeling the squeeze will be worried about how they can afford this latest rise in the price of petrol.

George Osborne must use next month’s Budget to cancel his tax cut for millionaires this April and instead help people on middle and low incomes struggling with the rising cost of fuel and food.

A temporary VAT cut would help to kick-start the economy and take 3p off the price of a litre of fuel right now. And a new lower 10p starting rate of tax, paid for by a mansion tax, would help 25 million people on middle and low incomes.

The Chancellor must finally act in the Budget to support families feeling the squeeze and boost growth and jobs in our flatlining economy.

– Cathy Jamieson, Labour’s Shadow Treasury Minister

Osborne 'taking action' on petrol prices

Chancellor George Osborne has said that petrol remains 10 pence cheaper than it might have been under Labour despite the price of petrol at the pumps has going up a further 1p in the last five days.

"I completely understand the pressure on families, that's why we've taken action to make sure that petrol is 10p per litre cheaper than it would have been if we'd stuck with the tax rises of the last Labour government."

Chancellor 'should consider' cancelling September fuel rise

This is the third 10p-a-litre wholesale price surge in 11 months, given extra vigour by currency speculators betting against the pound.

Given the lashing motoring families and UK businesses are taking from speculator-driven fuel prices, we hope the Chancellor spells out clearly in the forthcoming Budget that he can feel the pressure rocketing fuel price inflation places on families and business, and that he will cancel the September rise if that strain is too great.

– EDMUND KING, THE AA

Northern Ireland and South East most expensive for petrol

The AA says drivers have been caught between a pound weakened against the dollar and soaring wholesale prices, both due to stock market speculation.

  • Yorkshire and Humberside and the north of England are the cheapest for petrol at the moment at 137.6p a litre
  • Prices in London and Scotland at an average of 137.8p
  • Northern Ireland and south-east England are the most expensive at 145.2p
  • Drivers used 1.465 billion litres of petrol last month, down 14 million on the previous all-time low set in March last year and nearly 100 million below December's consumption of 1.564 billion

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Stock market 'driving up the cost of fuel'

The falling pound and stock market speculators are driving up the cost of petrol. The AA says after surging 5p a litre over a month, the price of petrol at the pumps has gone up a further 1p in the last five days.

Yorkshire and Humberside remains the cheapest region for diesel Credit: Press Assocation

The AA says the average cost of petrol is now 138.32p a litre. Diesel has risen 4.78p from its mid-January price to stand at an average of 145.10p. The latest figures show that petrol has risen 6.24p a litre since early January, adding £3.12 to the cost of refilling a typical 50-litre tank.

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