Financial News
- 25 February 2013, 2:40
Fuel Prices Head For Highest Level Ever
Motorists have been warned that petrol prices may soon reach their highest level ever.
The AA said sterling's slide against the dollar and market speculation could push prices to record levels by Easter.
The warning comes as tanker drivers at the Grangemouth refinery, which supplies Scotland, Northern Ireland and northern England, started a three-day strike in a row over pay and pensions.
The strike, involving 42 Unite members at the refinery near Falkirk, will run until Monday morning with striking workers taking turns to man the picket lines.
The drivers, employed by BP, will then observe an overtime ban when they return but the union plans further strike action if there is no resolution to the dispute.
After surging 5p a litre over the past month, the price of petrol at the pumps has gone up a further 1p in the last five days, the AA said.
It revealed that the average cost of petrol in the UK is now 138.32p per litre, with diesel having risen 4.78p from its mid-January price to stand at an average of 145.10p.
The latest figures show that petrol has risen 6.24p since early January, adding £3.12 to the cost of filling a typical 50-litre tank.
The AA said the cost of filling up the 70-litre tank of a Ford Mondeo now costs £4.37 more than it did six weeks ago.
A two-car family's monthly petrol cost has risen £13.25.
Drivers have been caught between the pound weakening against the dollar and soaring wholesale prices, both due to stock market speculation.
Regionally, Yorkshire and Humberside and the north of England are the cheapest for petrol at the moment at 137.6p a litre, with prices in London and Scotland at 137.8p. Northern Ireland is the most expensive at 138.7p.
Yorkshire and Humberside remains the cheapest region for diesel, averaging 144.2p, while East Anglia, Northern Ireland and southeast England are the most expensive at 145.2p.
AA president Edmund King said: "We're no longer talking of the motorist as a cash cow for tax and speculator greed, but a horse slowly but surely being flogged to death.
"This is the third 10p-a-litre wholesale price surge in 11 months, given extra vigour by currency speculators betting against the pound."
Government revenue from fuel duty has also been hit hard as Britons reduce spending by cutting back on non-essential journeys.
HM Revenue and Customs figures showed that January's UK petrol sales fell to the lowest tracked by the Government in 23 years.
Drivers consumed 1.465 billion litres of petrol last month, down 14 million litres on the previous all-time low set in March last year and nearly 100 million litres below December's consumption of 1.564billion litres.
what do you think?
Paul Martin
The majority of the price is tax, as we all know. This government will still be adding tax to any further increases.
blue side
One day they might realise they are milking dry the golden cow.
gordon
Blue Side. The government never realise anything until its too late. If tax was reduced they would collect more. The wealth would not leave the country. Every government goes down the same route
shirley sutton
They want to price cars off the road
executecodered
I feel sick.
Scott Cooper
Then go see your GP
executecodered
You absolute genius, you.
blue side
WElcome to the UK the new third world economy
Scott Cooper
You have no idea what it is to live in a "3rd world" country
blue side
Scott firstly how do you know my experience? and then define a third world economy its not just as per Africa and it has many components being dynamic like poverty
field_pete
Get rid of all the green taxes.
davenlesley
Field. But they are levied to save the planet for future generations. The fact that they won't be able to afford to live on it seems to have been overlooked somewhat
jimmyjedi1979
Green tax is an industry that has yet again duped humanity.
blue side
Dave I see what you mean with your earlier comment ;-)
field_pete
If the world popluation keeps increasing at its present rate then there won't be a future. Nature will fight back.
lance
that means every thing esle goes up through transport cost. time for these idiots to go. ITS UKIP FOR ME
bobh_385
You should have been voting UKIP for years now as everything is EU driven.We've all got catalytic convertors on our cars which strangle the perfomance thus reducing our mpg and increasing our costs thanks to the EU. The road tolls that are coming are also EU policy aimed at stopping people travelling.
blue side
lance it always amazes me that the very point you make is missed by the 'experts' and Marxs children on these blogs
bobh_385
Don't expect a reduction in tax on fuel as this is exactly what they want --- no cars and the peasants back into mud huts where they belong.Can't even travel by horseback anymore the food processors have seen to that.
ali baba
Time to attack Iran I guess, to solve this problem
wickhampatrick
Yes and have no fuel at all.
wickhampatrick
As I've just retired I realise what a mess were in! Energy has gone up by 6-8% , our council tax is going up by 2%. Our car fuel is going up by another 5p in tax, it's already 85% or more tax! All of the politicians no matter what party are taking us for a huge ride. They all promise everything and deliver on nothing! A national strike will only hurt US more not the politicians, they can just claim more expenses. We here in north bucks 12 miles from Milton Keynes are already paying 145.9p per litre and it's set to go up to 150.9p. So retirement is- sell the car get two bus passes for us both. Switch off the gas, transfer to bottled gas and only heat the house and cook when we really have to. Use electricty for lighting only or go to bed when it gets dark! Only pay parts of the council tax that applies to us eg rubbish collection and police, nothing for schools, street lighting or anything else.
blue side
Seems to sum it all up nicely
ali baba
Oil is a scarce resource. Prices will go up as demand increases and supply decreases. Simple economics. Best long term solution is to take alternative energy sources much more serious.
Mark Ashpole
Totally agree.dont understand the thumbs down here
Jamie ONeill
Very true but when the drum price goes down, we never see the savings
bobh_385
Quite right Ali and if the pump price went from 50p per ltr to 55p per ltr nobody would mind.The whole problem is the extortionate amount of tax levied on fuel.Everyone moans but how many have signed up with fairfueluk?
blue side
ali if you care to look you will find that bio was the in thing that is till Government (Labour) uped the tax level. Then look at petrol and oil there are synthetics but no incentive to increase production due to tax and fu nding. Some countries are expanding on bio and if that spread the price of oil would come down as the producers have our hands tied and Government put the knife in
blue side
Come on who is the plank that disagrees with me - are you capable of a constructive comment? About time they removed the thumbs down sign and forced people to join in rather than hide
Brian Holmes
Ali, the oil supply is restricted by cartels like OPEC to keep prices high.There is no actual shortage of oil resources. In fact, there are more discovered reserves now than there have ever been and new wells are coming online all the time. When was the last time you heard of an oil well that has run dry?
Nigel L
A handfull of city spivs speculating against the Pound has seen it fall against most of the worlds currencies and the population suffer whilst they hope to make millions.
Nigel L
I call that nothing short of treason.
davenlesley
Nigel. But so long as it is an internationally traded currency there is nothing we can do about it.
Andy Cole
here we go again ! i have got five chickens !mr camaron you want three or four of um .....were will this end ..........
Lorgar Aurelian
With any luck all this will hopefully cause men with beards to hasten to their garden sheds and eventually produce a viable and cheap hydrogen engine. Imagine filling up from the tap?
jimmyjedi1979
It can be done. All the oil companies buy up the technology so they can carry on mugging us off with oil.
blue side
Lorgar everytime there are alternatives but Government taxes them or the patent gets acquired fuel is what the economists term 'elastic' like beer i.e. regardless of price there remains strong demand. To break this effect is almost impossible and the oil producers love it as they have a hold on us as well
davenlesley
Half the world is starving and we are using soya, wheat & sugar cane etc to make fuel. Unbelievable
Michael Hawkins
Dave 1/3 to 1/2 of all food is thrown away in the developed world Stop the waste and we would all be better off
Bill Fleming
Should we behave like the French with a bit of civil disobedience on things like this, it seems to work for them!
George Clement
Remember the fuel refinery blockades and traffic disruption protests a few years ago by the farmers and the road hauliers, where are they now? Oh I forget, labour was in power then.
Neil C
It's vat and the city boys who are keeping the cost high. Speculators making bundles on this, it was like this in the 70's but at least it came down, this is staying high and shows that the public are being whipped on this. Competition should mean that if you have the lowest price you would make money on the volume of turn over, as the prices in all supermarkets are the same someone somewhere is telling all of them to defraud the public. We do not have an open market only 'CARTELS' fact!!!
blue side
Yes Neil in my area it all comes from the same depot and the price is constant move a little out an fuel can be lower yet it still comes from the same source - and a recent enquiry said there was no cartel !!
Name witheld
This comment has been removed for violations of our Terms and Conditions.
david
it dont matter what price oil is .the gov will still make billions to spend and give away to pepole coming into this country WHO have never paid 1 penny tax
movvi
I am going to have to now train a flock of seagulls to carry me to work, suspended from strings.
Sandra Bryans
Its the same old story squeeze the average worker til they squeek and then just a little bit more an wat do we do ? We complain then carry on nyway so they kno they get away wit robbin us everytime we need 2do sumat but wat x
jimmyjedi1979
8:06am on 22/2/2013
We need to close down this country. National strike now.
John Andrew
8:47am on 22/2/2013
Agreed save the drivers going on strike
blue side
9:27am on 22/2/2013
Such a clever move guaranteed to kill the nation - this philosophy strangled the UK in the 70/80s leaving a legacy of terminal decline
davenlesley
10:27am on 22/2/2013
Blue side. It's Jimmys remedy to everything. One of these days he will enlighten us to what happens then
Mark Ashpole
10:38am on 22/2/2013
And what would we be striking against exactly...?so the tanker drivers are on strike over pay.if they get paid more, the price of fuel goes up.what a great solution.why do they think they should get paid more? Its a simple job driving a lorry, something you can get trained for ocer a number if days.simple job equals lower wages. If people want to earn more, they need to get up and go gain more skills(themselves - not waiting for someone else to hold their hand). I wouldnt pay them no more, no way.
Jamie ONeill
10:49am on 22/2/2013
So by your way of thinking Mark, they should be on minimum wage and like it or lump it? The huge multinational corporations can get a higher profit margin and have a bigger say on the way the oil barrel price affects us mere mortals? Good thinking batman
blue side
11:13am on 22/2/2013
Dave and Mark does seem some do not think beyond the pages of The Daily Worker or Beano
jimmyjedi1979
11:45am on 22/2/2013
You absolute clowns. Do you realise how poorly paid these drivers are? Do you understand its the most dangerous driving job going? Do you understand how specialists these drivers are? Do you understand the government are grilling them through the media so pathetic sheep jump on the band wagon and ridicule our fellow working man? These guys wouldn't be going on strike if they weren't the poorest paid tanker drivers in Europe that were risking their lives and other peoples every stretch of mile they drive? We should be backing them up every step of the way! Teachers poorly paid and over worked, police force being decimated, firecrews being shut down, accident and emergencies closing, nurses losing their jobs, waiting times up, inflation sky high, fuel though the roof, bedroom tax, pasty tax, extortionate prices to keep your car on the road, slashed tax credits, declining sterling, you name it they are going after EVERYONE with the exception of the bankers, rich and ruling elite. You people that criticize these guys need to look past the end of your noses your like a programmed bunch of sheep. If you don't stand up for others there'll be no one left to stand up for you.
jimmyjedi1979
11:59am on 22/2/2013
And i say we strike to say no to austerity the utter lie that it is. This is no recession this is a robbery. The theft of public money into private pockets. Oh and lets have an overhaul in parliament. No more unelected lords, complete transparency throughout. Total accountability and names and faces to the ridiculous ideas they come up with to keep us down like bedroom tax and the various other pathetic laws they keep enforcing on us. I love this world, but the people in it are truly screwed.
Mark Ashpole
12:12pm on 22/2/2013
Driving tankers is the highest paid hgv job going.if you think they are on minimum wage your misinformed. You can treble it and add some. I know from personsl experience as its a job my dad done for 20 years. There is no additional skill to it. The increased wages is due to the 'risk' of the flammable load. If you dont like it - get out instead of blackmailing the company.
Neil C
12:30pm on 22/2/2013
My little padwa, the tanker drivers are on over 35k thats more then the average wage.
blue side
12:54pm on 22/2/2013
Funny how when someone with experience of something or knowledge gets a thumbs down from those who refuse to believe
Geoff Littlewood
6:12pm on 22/2/2013
Well said jj. Especially in your follow up comments. A country full of frightened brainwashed sheep. The time the rich start paying their way is something I look forward to. Can anybody elighten me with something that puzzles me? If there are so many countries in debt, who holds all their massive IOU's?
Paul Martin
6:18pm on 22/2/2013
Mark, there is additional skill to it. You have to undergo stringent safety courses in order to be a competent tanker driver. An ordinary hgv license doesn't mean you can drive a tanker (or a bomb on wheels).
jimmyjedi1979
6:43pm on 22/2/2013
We are being completely enslaved by the ruling class.