- West Country
- 2 updates
The AA has warned that petrol prices could rise by 5p a litre. The motoring organisation blames the increase at the pumps on speculators 'betting on rising oil prices'.
They buy huge quantities of petroleum on the open market, store it until the price rises and then sell it on for a big profit.
Petrol pump prices could soar by 5p a litre, burning a hole in the pockets of holiday motorists, the AA has warned.
A surge in the wholesale cost of petrol across Europe has already led to a rise in UK petrol and diesel prices, with more misery possibly to come, the AA said.
On average, UK petrol prices have risen from 134.61p a litre in mid-June to 135.78p now, while diesel has gone up from 139.16p a month ago to 140.24p now.
The AA said: "A $100-a-tonne increase in the cost of petrol across north west Europe, combined with a weaker pound, heralds a potential 5p increase in pump petrol costs."
It added that should petrol go up 5p a litre then a family from Hounslow in west London, for example, heading off on holiday in a typical family car to Cornwall will pay £2.90 more for the return trip than it would have done in June.