Mideast unrest could add 10p to a litre of petrol

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Car Rental News - 24/02/2011


Violence in the Middle East could push up the price of a litre of petrol by 10p.

Retailers are warning that the price of petrol could rise by as much as 10p a litre, after the global oil price broke through $110 a barrel. The trade body that represents forecourt operators and petrol retailers in Britain is blaming the skyrocketing price of Brent crude.

A barrel of Brent crude has gone up by almost five dollars as markets react to the unrest spreading across North Africa and the Middle East. Motorists in Britain already have to contend with a tax increase that will add 5p to the price of a litre of petrol from the beginning of April.

The Retail Motor Industry (RMI) says the latest increases in crude prices could put another 5p on the price of a litre of fuel. Added together, the increases could see the cost to fill the average tank rise by some £5.

The rising price of oil is also driving higher air fares. Over the past couple of months, British Airways has already been forced to increase its fuel surcharge twice.

The average price of unleaded petrol is already at 128.97p per litre. That is 17p more than last year. Diesel has gone up by 20p a litre, to 134.64p.

RMI chairman Brian Madderson said the next round of price increases will hit petrol forecourts in the next few weeks. He added that the cost of a litre of petrol was estimated to rise by 5p by 1 April.

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