Petrol price spike could be imminent

20th August 2012

An increase in the cost of petrol and other motor fuels could be on the horizon as a result of a significant rise in oil prices, the RMI Petrol Retailer's Association (PRA) has warned.

The body, which represents independent forecourts across Britain, stated that failure to ease geo-political tensions relevant to producers such as Syria and Iran has prompted a price increase of ten per cent for Brent Crude oil over the last two weeks, currently standing at US$116 a barrel.

PRA chairman Brian Madderson argued petrol prices in the UK could yet climb to 140 pence per litre by the end of August.

"This is really bad news for motorists and retailers alike. The full effect of the wholesale price increase of nearly ten pence per litre since late June has yet to be passed on at the pumps," he said.

With extra duty rises scheduled for the start of 2013, motorists will be more pressed than ever to ensure their vehicles are as fuel efficient as possible, with the quality of tyres, brakes and other systems playing a part in consumption.

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