Unleaded up 5.5% in the last month
24th April 2009
(Aldershot, UK) The average price of unleaded in the UK has jumped 5.5% in the last month alone, putting an extra 5 pence per litre on pump prices, according to data from PetrolPrices.com.
The UK average price of unleaded rose from 90.7 pence to 95.7 pence per litre between March 23 and April 23 2009, whilst diesel rose 3.3 pence from 99.7 pence to 103 pence per litre over the same period.
The increase in the cost of unleaded has added around £2.75 to the average tank.
Pump prices are now the highest they have been in 2009. The last time prices were this high was November 2008.
Fuel duty increased on April 1, accounting for around 2 pence per litre of the increase. The cost of oil has also been rising, from around $38 a barrel in December 2008 (the lowest price since 2005) to around $50 a barrel today.
In addition to the duty rise of 2 pence per litre in December 2008 and April 2009 a further 4 increases were announced in the Budget 2009. The first is 2 pence per litre, to take effect from September 2009, and a further 1 pence per litre above indexation every April for the next 4 years.
September's increase will bring the total duty on a litre of fuel to 56.19 pence per litre. The 'VAT holiday' is to last until the end of the year, so with 15% VAT on top this will take the total tax on a litre of fuel to around 68 pence - or 70% of the average cost.
A driver spending £25 a week on fuel currently spends around £1,300 a year at the pumps - £882.93 of which is tax. Another 2p rise would bring the average driver's total spend on fuel tax to £911.76 a year.
Brendan McLoughlin, founder of PetrolPrices.com said: "Rising oil prices and the duty hike at the beginning of April have both contributed to this sharp increase. Pump prices are considerably lower than the record highs of last year, but by shopping around you can still save up to 15 pence per litre."
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Louise Doherty
PetrolPrices.com
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