Saturday, December 11, 2010

Inflation: Record petrol prices in the UK

Petrol prices in the UK are now at a record high.

The AA president says:
‘Although the wholesale price of petrol has risen sharply in the past fortnight, there is a growing feeling of helplessness among drivers, with winter travel disruption and ever-rising fuel costs...
‘Our only hope is that either oil and fuel markets settle back down or the pound strengthens against the dollar. Until then, it is an even more uncomfortable ride for families trying to keep their cars on the road.’

Yet even higher taxes are set to kick in at the first of the new year.  The RAC's Adrian Tink says:
‘If the Government is serious about ending the war on motorists, then for the large majority of drivers that starts at the petrol pumps.
‘January’s rise must be cancelled, and the overall issue of the price of petrol in this country needs looking at urgently.’

Meanwhile the BOE decided this week to keep her steady as she goes (per Reuters).

A Scottish politician says of the new petrol taxes:

"The VAT and duty increase set to take place in the New Year will likely send fuel in parts of my constituency past £1.40 a litre. It's highway robbery."

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