UK petrol prices hit record high

Motorists in Britain are currently facing the highest petrol prices on record.

Experts attribute the skyrocketing prices, which have topped the previous highs achieved during the summer of 2008, to crude costs of nearly $100 a barrel as well as a series of increased taxes.

The Experian Catalist price-monitoring organisation said on Friday that the average cost of petrol had hit 128.6p per litre whilst diesel hit 133.26p. The AA and other motoring groups have referred to the situation as the ‘road to misery’.

The news puts further pressure on ministers to cut fuel duties and implement a much-anticipated price-levelling mechanism. The news comes after George Osborne gave hints that he was seeking to freeze new taxes that are set to go into force on the 1st of April.

Meanwhile, pressure increases from all sides as the Fair Fuel UK campaign group, which was established by the Freight Transport Association and independent UK truckers, recently won over the support from the RAC.

The never before seen prices are likely to create controversy in the coming week when oil giants Shell and BP are expected to post large profits. Last week, major US oil firm Chevron posted a 72% year-on-year increase in its fourth-quarter earnings at $5.3 billion.