Business News • MarketWire • Petrol Price Increase May Scupper Recovery Warn Motor Insurers |
Petrol Price Increase May Scupper Recovery Warn Motor Insurers |
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Petrol Price Increase May Scupper Recovery Warn Motor Insurers
ESSEX, UNITED KINGDOM--(Marketwire - March 25, 2010) - According to the AA, Britain's largest motoring organisation, average petrol prices at pumps across the UK are at risk of rising above the record high set in July 2008. Concern has been mounting within the motoring industry since late January, whereupon a 17% rise in European wholesale petrol prices has been observed. In light of the 3p rise in petrol fuel duty and VAT that is due to come into effect on the 1st April, it is feared that the average UK price of unleaded petrol, which currently stands at a little over 116p per litre, will easily exceed the 119.7p record set almost two years ago.
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