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Fuel prices heading for record levels

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Today the AA has warned motorists that fuel prices will be reaching their highest level ever over the next couple of months.

It has been estimated that by Easter motorists could be paying more for their fuel than ever before according to latest figures being published.

Average UK petrol prices currently stand at 138.02p per litre which increased from 132.01p per litre last month. It will cost motorists an extra £3.12 to fill up a 50-litre vehicle and a family that owns two vehicles could be paying an extra £10.62 a month compared to previous months. Diesel prices have also increased from 140p per litre to 145.10p per litre.

The figures that have been released show an increase of 1p per litre in the last week alone and if prices continue to increase at the same rate, motorists will be feeling the effects of paying for this.

The news of an expected increase comes after tanker drivers, who supply fuel to Scotland, Northern Ireland and Northern England have announced a strike which will take place for three days due to a dispute over pay and pensions.

Edmund King, the AA’s president said: “Speculators have pumped up the wholesale price of petrol at a time of year when cars consume the most and when the concern is normally with imported diesel prices. Currency gambling has devalued the pound, adding a further 1.6p a litre to the 7.9p-a-litre increase in the cost of wholesale petrol since the start of the year. This has broken the back of many family budgets and destroyed a great chunk of petrol demand.

“When the Government considers where it’s going to get new revenue for the next financial year, it shouldn’t knock on drivers’ windows and demand more fuel duty – they have nothing left to give. Milking this cash cow has turned into flogging a dead horse.”

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By Amanda Bainbridge