Petrol prices may rise again by the end of the summer

Due to a surge in wholesale oil prices, petrol may increase in price by 5p a litre by the end of summer. Experts have also warned that diesel may also go up, though by a smaller margin. Petrol goes for the price of 136.26p and diesel 140.7p. This means that it could cost £102.20 to fill your family-car’s 75 liter tank with petrol and £105.52 with diesel.

According to Luke Bosdet, an AA spokesman, the next few weeks may see a 5p increase in price. He says that a dark cloud has been cast over what could have been a happy motoring summer. He further said that the prices of diesel were not going to increase as high as those of petrol. If you were driving from London to Plymouth you would spend £2.90 more. This is because the price of wholesale petrol in Europe went up by (£66) a tone.

There are other factors that have caused the increase in price and these include the weakening of the pound against the dollar, and production and transportation cost increase. “Whitewash”, is the name that campaigners had given a report by the Office of Fair trading earlier in the year.

The increase of prices was due to incredibly high tax levels, and increases in the wholesale price of fuel, and not due to poor activity in the fuel market. A full inquiry into the price hike and transparency levels in the industry has been called for by FairFuelUK.

According to their spokesman Quentin Wilson, it is chilling to see that all speculators were hoping that the prices would increase, meaning that people were gambling with the well being of families and corporate entities that needed fuel to survive. He called on intervention by the government to rein in the gamblers, and cut the fuel tax.