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Fuel prices to rise by 4p per litre

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The Petrol Retailers Association (PRA) has predicted that fuel prices are expected to rise by 4p per litre over the next few weeks.

Throughout 2012 fuel prices were constantly rising and falling, which left some motorists with no other option than to find alternative means of transport or cut down their journeys in order to save money. Towards the end of the year fuel prices gradually decreased but now they are set to rise by 4p a litre. This will cause concern for motorists who have welcomed the decrease over the last few months.

The rises are expected to add £2 extra to the cost of filling a typical family car. The reasoning behind the increase is due to wholesale costs being passed on from forecourts to motorists.

The Petrol Retailers Association has now urged for a full review of the wholesale fuel market, so that the issue into fuel costs can be resolved. The Office of Fair Trading is also due to produce a report on whether reductions in the price of oil are being passed onto drivers.

The Government have already made changes to help motorists by cancelling last year’s fuel duty increase as well scraping all planned fuel duty increases for 2013.

Research carried out by the AA found that fuel sales during 2012 showed how the increase in costs made an impact to motorists. Petrol sales were down but diesel showed that sales were higher compared to the year before.

Petrol Retailers Association Chairman Brian Madderson said: “The shock rise in wholesale costs is just one of the reasons why the Petrol Retailers' Association has been knocking on the door of the Office for Fair Trading, since this time last year, to demand a full investigation into the workings of the UK market for road fuel.”

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By Amanda Bainbridge