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Petrol prices set for further rise

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Motorists could see a 3% increase in petrol prices by the August Bank Holiday weekend and an 8% rise towards the beginning of next year, according to a trade body.

Rising crude oil costs and currency movements are likely to push prices of petrol from the current record of 121.61p to 125.9p per litre in the new year, the Retail Motor Industry Independent Petrol Retailers Association (RMI Petrol) predicted.

The rise, which takes into account VAT increase and proposed fuel duty hikes, means drivers will need to look at options such as fuel savings and cheaper car insurance to cut motoring costs.

RMI Petrol chairman Brian Madderson said: "The rebound in crude oil pricing is disappointing but not entirely unexpected. It will further increase pressure on independent retailers who are fighting for survival, especially in rural areas, due to the double hit of falling volumes and tighter margins.

"This crude oil increase will feed through the supply chain and could result in prices going up by as much as 4p a litre in the next three weeks."

© Press Association 2010