Jamie Delargy's UTV Business Blog - Fuel shock

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Fuel shock

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Jamie Delargy
Business
Petrol prices are predicted to rise above 120 pence a litre.

The AA says a jump in wholesale fuel costs plus a hike in vat and duty is threatening to lift prices to record levels.

The drivers' organisation is calling for an investigation.

It says the cost of wholesale petrol has risen by seventeen per cent since the beginning of the year.

The surge in costs aggravated by the weaker pound has already added four pounds to the price of a tank of petrol.

The AA says despite the UK being barely out of recession the cost of petrol at the pumps is rising to peak levels seen in 2008 during the economic boom.

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At 01:52 on 01 January 2011, Robert David Wright wrote:
The price of gasoline in the United States hovers around two dollars a gallon and is considered heavily taxed. That is approximately fifty cents a liter or 35 pence a liter. Somebody is either paying too much for it or the same one is taxing it.
At 20:48 on 17 December 2010, Jack craig wrote:
I cannot agree with you that the oil companies are not profiteering. I phoned several companies today for a price for 900 litres of oil and the price varied from £456 to £500. One company said yesterday's price was £447 but today's was £470. The worst example of profiteering however is the government and the fact that 80% of the price is taken in tax. When will this change?
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