A 17% rise in European wholesale petrol prices since late January is threatening to push UK average pump prices above the July 2008 record, warns the AA, which is calling on the Government to investigate the sudden surge.
This will hurt even more from April...
A weaker pound is aggravating the potential for price rises, with 120p a litre possible - even before the Government is scheduled on 1 April to add 3p in fuel duty and VAT on to the cost of petrol and diesel.
At the weekend, the AA reports that average UK petrol prices rose to 115.93p a litre and, compared to late January/early February prices, the price of a tank of petrol could increase by £4.
"The UK is barely out of recession yet petrol prices threaten to rise to record prices seen during the boom of 2008 - shortly before the collapse into recession," says Edmund King, the AA's president.
"The AA believes the Government should look at what is behind it. With refiners in Europe closing sites or looking to sell them, soaring wholesale prices could drive down demand and weaken the sector further.
"In the AA's opinion, the easiest and quickest stabiliser would be to freeze the fuel duty increase on 1 April."
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