Soaring oil prices have pushed the cost of petrol at the pump to just 1p shy of its 137.43p record set in May – just as Shell and BP reveal huge profits.
Petrol prices are going one way – up. That’s according to the AA, which warned motorists last night that the price of petrol would hit a new record high within the next two weeks.
According to the AA, petrol is 136.40p per litre, just 1p shy of its record high in May – making the cost of filling up the average car with a 50 litre tank approximately £68.20. These prices are forcing more motorists off the road and driving smaller petrol stations out of business.
In rural areas, many drivers are paying over the average the AA found, putting further financial pressure on motorists.
AA spokesman, Luke Bosdet, said: “This week, average UK petrol prices rose another half a penny to 136.40p a litre on Thursday, while diesel prices are up three-quarters of a penny since Sunday to 140.73p.”
This compares to just a year ago when petrol was 19.53p less per litre and diesel was 21.42p lower.
Meanwhile, in its latest earnings statement, Shell reported quarterly profits of £5 billion for the three months from April to June. The announcement came just two days after BP announced profits of £3.2 billion. Both companies benefited from recent rises in oil prices, partly due to unrest in the North Africa and the Middle East.
The AA has also analysed Government figures, which show that in addition to other squeezes on household income, rising fuel prices are causing families to go out less often.
President of the AA, Edmund King said: “After Department for Energy figures revealed that one billion fewer litres of petrol were bought in the first quarter of this year compared to the same period in 2008, yet more official figures are showing how badly recession and record fuel prices are taking away people’s mobility in the UK.”
Moneyhighstreet comments: “Rising prices at the pump are always a big blow to drivers, but there are still ways you can save money on the running costs of your car.
“Start with comparing car insurance online – if you have switched providers recently, there may well be a better deal out there for you.
“You can also compare petrol costs online, helping you find the filling station nearest you with the best price. While this may only shave off a small amount, it’ll add up over time.
“Most importantly, using less petrol will save you the most money – but this doesn’t mean you have to drive less. Simply choosing a more fuel-efficient car can save you money on fuel and vehicle taxes, which will quickly add up over time.”