‘Volatile’ petrol prices may continue rising after record-high cost and global uncertainty

Petrol prices: Howard Cox calls for cuts to fuel duty

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Fuel data has shown that the average price of petrol hit a new record high of 142.94p on October 24. This exceeded the former record peak in April 2012, when the cost for a litre of petrol was 142.48p.

On Wednesday, Chancellor Rishi Sunak announced a freeze on fuel duty for the 12th consecutive year.

The Government said this would be a saving of more than £8billion over the next five years compared to pre-2010 plans.

It means that the average tank of fuel will cost around £15 less per car.

This frozen rate means that vans could save £30, and HGVs could save £130.

There were reports that plans existed which would have axed a 2.8p fuel duty rise, which were scrapped.

Despite this, many are concerned about the long-term impacts of petrol prices, with continuing rises worrying drivers.

A spokesperson for the Petrol Retailers Association said oil prices could continue to fluctuate.

They said: “Oil prices resumed their climb last Friday with continued tightness from the U.S. supply, but were headed for a flat finish on the week as coal and gas prices eased, curbing fuel-switching which had stoked demand for oil products for power.

‘Engine killer’: Drivers slam new E10 fuel as ‘a joke’ over issues [INSIGHT]
Council fears it’ll lose millions as drivers ‘wise up’ to cameras [WARNING]
Road collision consultation launched including self-driving cars [ANALYSIS]

“Brent crude futures climbed 24 cents (17 pence), or 0.3 percent, to $84.85 (£61.53) a barrel, recouping some of the previous session’s $1.21 (£0.87) slump.

“Brent touched a three-year high of $86.10 last Thursday but was on track to end the week unchanged.

“The market hit multi-year highs earlier in the week on worries about coal and gas shortages in China, India and Europe, which spurred fuel-switching to diesel and fuel oil for power.

“Therefore, at the moment the market is volatile and much depends on global demand and also the weather as we go into the heating season.”

Save 10% on your MOT

It’s Kwik Fits’ Midsommer Madness sale and you can take 10% off your MOT Test with the UK’s #1 MOT tester – just click the link to book online.

Source: Read Full Article