Petrol could increase to 145p per litre next year

Motorists already finding it hard to part with their cash at the pumps could have their budgets stretched further as industry experts predict that petrol prices could rise next summer.

Prices at the pumps have remained high all autumn, with the current average price at 135 pence per litre for unleaded and 140p for diesel.

Brian Madderson, Chairman of the petrol retailers group, RMI Petrol, believes that the government needs to react quickly to rising petrol prices.

Mr Madderson predicts that petrol prices could increase by up to 145p for unleaded and 150p for diesel next summer, unless the government reverses its plans to increase fuel duty.

“The Government need to abandon their planned fuel duty increases in 2012 and focus on the faltering UK economy,” said Madderson.

“What will such increases do for inflation? What will they do to cash strapped consumers? What will they do for the declining retail sector? What will they do to re-ignite our stagnant economy? The Chancellor must be persuaded now that it would be economic suicide to force through these drastic changes to fuel taxation in 2012,” he continued.

Brian Madderson’s autumn statement is due on 29th November.

According to the AA Fuel Report, petrol prices are just 3 pence off the record high which was recorded earlier this year. The record high of 137.43p per litre for unleaded petrol hit motorists particularly hard in May. However, an increase to 145p could be even more detrimental to drivers’ personal finances.

With the rising cost of motoring, it is also important to ensure that you have the best car insurance deal for your vehicle. It is worth shopping around to find the best policy.

Compare car insurance with Propertywide.

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Posted by: WarrenWilson Categories: Finance Tags: , 7 Comments

7 Responses to Petrol could increase to 145p per litre next year

  1. avatar oobuc5 says:

    the country is broke because the government gave the banks [their mates all of our PUBLIC MONEY ],INSURANCE COMPANIES ARE LINKED TO THE BANKS and because of the slump they cant sell pensions /or house insurance /or anything much in the way of insurance ,but its the law to have insurance so its an easy target for the greedy ins companies .the governments greed for money will and has driven up the cost of owning a car 2012we will all be made to pay even more taxes, road tax is set to rise as the government wants to try to get people to buy new cars ,vans and trucks under their emissions taxes which will just cause misery and gross inflation ,incidents of people driving without tax mot and insurance will rise to new highs..

    increases in the cost of fuel will only make things even worse .

  2. avatar oobuc5 says:

    we are entering a dust bowel recession any hike in the price of fuel just kill any chance of recovery,the government charges the highest tax in the world for fuel. they just cant see that people cant afford to keep paying more and more just so they can get to work ! there are no incentive left for people to drive lpg cars because although they are 80% less polluting the government removed the poltry £10 reduction in road tax !

    if these tax increases continue people just go bandit and not bother with tax mot or insurance ,its ok for the government mp,s and ministers they dont have to pay a penny for their cars or the running of them becase they get us to pay it all for them ,its time to stop the tax rip off !:

  3. avatar oobuc5 says:

    so you dont want the truth on government motoring taxes then dont ask for peoples opinions !

  4. avatar Pianist says:

    So why are more people purchasing cars, and other vehicles, instead of using public transport?
    It is a shame everyone doesn’t back the one day strikers- who don’t purchase fuel on one specific day – if this continues, eh?

  5. avatar Bax750 says:

    Oh foolish Electorate, you voted for the Cameron lead coalition, the Party who put ‘money’ before people… Now can you see why the PM loves “The Big Society” so much: it’s the sure way of funding the 1% idle rich in our wonderful Country. No rich person made their fortunes without it… and the sad thing is they really don’t give a dam; for the pain they inflict through the cost of transport. Notice the way rail fares push people into their cars. Remember their hidden agenda, “it’s a price worth paying”(Ok my words are out of context this time) but their policies will cost us dear. We’re all in it together but not equally.
    When will the Electorate ever learn?

  6. avatar Hummingbird says:

    I think the government forget that a lot of us live in rural areas without good public transport and the only way to get to work is by car. I live in the South West with high unemployment and low wages and just cannot afford anymore price increases in anything! A lot of us are living on the edge of poverty already in this area, how much more can we take. I want to also bring to attention that food prices also increase when you increase fuel prices because of the lorry companies that carry our goods around the UK – they are going out of business daily due to petrol prices.