Petrol prices set to soar
Written By Faye Sunderland Published On: Nov 19 2009Bad news for hard-up motorists, fuel prices could soar towards the end of the year if recent media reports are to be believed.
Speculation is rife that after the average petrol price reached a year high of 108.6 pence a litre this month, further increases are on there way.
Add this to the imminent end of the temporary VAT cut on January 1, and a litre of petrol could rise by around 2 pence in taxation alone.
According to the Mirror, petrol could cost more than £5 a gallon before the end of the year. In fact, PetrolPrices.com who forecast the increase say that the cost of petrol is on course to increase 26 per cent since the start of the year.
UK motorists are now facing increased fuel bills despite declining oil prices on the world market, with barrels now trading at less than $80, down from a recent peaks of $100.
The UK market is heating up so fast that it is blamed for the presence of around ten oil and gas vessels which have remained anchored in Lyme Bay in Devon awaiting the fuel prices to rise. The Telegraph report that international oil traders are keen to squeeze extra profit from their imports to Britain.Local residents in the area say that some of the tankers have been waiting there for months.
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