Petrol prices reach nine-year high

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Inisters have been urged to consider cutting tub On the fuel as petrol prices hit a nine-year high.

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NS RAC Said that the average price of a liter of petrol in the UK forecourt has reached 140.22p.

This is the highest level since September 2012, and only 2p lower than the record high that occurred in April of the same year.

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We have not seen petrol prices at such levels since September 2012

Prices have now risen by about 26p a liter in just 12 months, driven by a doubling of the price of a barrel of oil to US$83.

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RAC said rising oil costs mean drivers are now paying 4p per liter more in VAT than a year ago.

September’s switch to E10 petrol – which increased the biofuel content – added about 1p per liter to average prices.

RAC Fuels spokesman Simon Williams said: “Our data shows we have not seen petrol prices at such levels since September 2012, and we are now worryingly at an all-time high of 142.48p for the UK average price. Which was a hit in the same year.

“At a time when homes and businesses are facing rising prices in other regions, this is a major concern.”

Mr Williams urged ministers to consider reducing VAT on fuel.

He said: “We call Government To take action and do everything possible to help ease the burden on drivers.

“While the cost of oil has more than doubled in a year, the price paid by drivers in the forecourt is compounded by the fact that a fuel duty of about 58p is levied on every litre.

“And, on top of the delivery cost and the retailer’s margin, you’ve got VAT which is currently 23p per litre.”

He added: “It may be most effective for the government to consider temporarily reducing the level of VAT on motor fuels to help hardened drivers.”

RAC does not believe that recent fuel purchases have contributed to the rise in prices.

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