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.
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