7.3.2012 UK fuel prices reach all-time high

The average price of unleaded fuel in the UK has reached a record high – according to The AA, the average price per litre reached 137.44 on Monday 2nd March.

Government statistics also show diesel to be at a record high of 144.7p per litre, up almost 1p from the previous record set just last week.

The ongoing increases in UK fuel prices are a result of the rising cost of crude oil and the current Sterling-Dollar exchange rate. The political tension between Iranian and the West is one reason causing an upward trend in the price of crude – although they are yet to rise above the peak price per barrel set in 2008.

However, crude oil price is measured in US dollars, which is more than 25% stronger against the pound than in 2008, meaning that oil prices are significantly higher when measured in pounds.

Today, campaigners are taking their message to Downing Street and Westminster where they plan to lobby MPs and protest against high fuel taxes and petrol pump prices. The protest has been organised by Fair Fuel UK, a campaign group that are calling for a drop in petrol and diesel prices to help both families and business during the current economic crisis.

With the 2012 Budget coming up, many motorists are looking to the Chancellor to halt the planned rise in fuel duty due in August. Next Green Car will be reporting on the 2012 Budget live on 21 March.