Cost of Petrol Set to Rise Again

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Cost of Petrol Set to Rise Again

August 20, 2012

A UK retail group has warned drivers that the price of petrol could increase significantly as a result of the growing cost of oil.

Motorists have been warned over the impending fuel hike by the RMI Petrol Retailers' Association (PRA) following the cost of Brent Crude Oil increasing by 10% in the last two weeks. The cost now sits at £74 per barrel of oil.

With the likes of car insurance, road tax and car maintenance costs to consider as well this is yet another burden the average British motorist will be faced with.

Commenting on behalf of the PRA, Brian Madderson said that this did not bode-well for retailers or motorists, adding:

"The full effect of the wholesale price increase of nearly 10 pence per litre (ppl) since late June has yet to be passed on at the pumps."

Mr Madderson went on to say that the average cost of petrol throughout the UK has risen to around 136 pence per litre. He believes that the price of fuel could rise to as much as 140 pence per litre by the end of August.

Source: http://www.visitcars.co.uk/car-news/used-car-news/Cost+of+fuel+expected+to+rise+again/587862/