Petrol Retailers Association warn tax rises could harm economic recovery

The Petrol Retailers Association (PRA) have said that they are "very concerned" about Government plans to implement the deferred increase in petrol tax in January,

They claim that together with a second increase in April 2013 could lead to increase in prices at the pumps of 7p in the first few months of the New Year.

Going on from that in a statement the PRA said:

Should there not be any downward correction to oil prices this Autumn, the likelihood of paying 145 -150ppl for petrol in early 2013 could return. This could damage our economic recovery and hit the Bank of England’s hopes for reducing inflation levels. Increasing fuel prices particularly impact the rural economies, low income earners and small businesses.

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Warning over petrol price rise

The Petrol Retailers Association (PRA) have warned of an impending petrol price hike on the forecourt. The price of Brent Crude has increased by 10% in the last two weeks to $116 a barrel.