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Petrol and diesel prices keep rising

Simon Ward
by Lovemoney Staff Simon Ward on 26 January 2012  |  Comments 6 comments

Wholesale costs are pushing pump prices up and worse could follow with UK refinery in administration and tensions in Iran.

Petrol and diesel prices keep rising

Petrol and diesel prices have continued to rise and there are reports of panic buying at some petrol stations after one of the UK’s biggest refineries went into administration.

Figures from fuel price comparison website PetrolPrices.com show the average price of unleaded petrol across the UK was 134.03p a litre on Tuesday. The average price of diesel was 142.32p a litre, taking it ever closer to last May’s all-time record of 143.04p.

And separate figures from data company Experian Catalist show prices on Tuesday averaging 133.90p a litre for petrol and 142.26p a litre for diesel.

Supermarkets have already raised their pump prices, although they claim this is due to higher wholesale costs.

The Coryton refinery in Essex stopped deliveries after its parent company, Swiss oil refiner Petroplus, announced it was insolvent. It has now restarted supplies after a deal was struck.

However, motoring groups have warned that the price of diesel could spiral if disruption continues. Coryton supplies around 20% of the fuel for the south east of England.

The Government has asked drivers not to panic buy petrol and says contingency plans are in place to supply fuel from other refineries.

Earlier this month, the Retail Motoring Industry Federation forecast that the cost of diesel could rise as high as 145p per litre.

Unleaded petrol has risen from an average of 132.54p in mid-December, while diesel has risen from 141.5p.

Tensions in Iran, which could disrupt the supply of oil, and the strong dollar could also push pump prices up higher.

More: How to find the cheapest diesel and petrol | Five ways to cut the cost of motoring

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Comments (6)

  • CheekieCharlie
    Love rating 4
    CheekieCharlie said

    Until electric cars are cheaper there IS a way to help. Try it free. On average saves 20% on petrol & diesel, increases performance AND reduce emissions by 77%!

    See: http://greenfootglobal.com/lowercosta

    Report on 26 January 2012  |  Love thisLove  0 loves
  • leah AKA global leah
    Love rating 14
    leah AKA global leah said

    Sadly, CheekieCharlie, not everybody can afford any new cars at all, whether it's petrol, diesel or electric cars, most of us have enough problem just trying to keep the car that we're using on the road.

    I can say at least I am doing my part on low emission, but as for travelling to and fro work, it would cost me twice as much a year, and 3 times as long for travelling if I was to use public transport... And no, it's not really my choice to work that far, but it is a job that I have as a permanent and not having to worry about whether I'll lose my home, not able to pay for essential bills and oh... even the luxury of being able to eat.

    The bonus is, I do enjoy my job, but I don't enjoy the hustle and bustle of fighting with traffic 5 days a week, twice a day, and I certainly don't want to live off the states, but the rise prices of fuel, how long will it be before it gets cheaper to take the 3hrs time to work?

    Report on 28 January 2012  |  Love thisLove  0 loves

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