Delay in fuel price increase masks rise of 20% year-on-year
Leading motoring groups have welcomed the postponement of a proposed 2p increase in the price of a litre of petrol, but say the move is merely masking the fact that petrol prices have hit record highs over the past 12 months.
Edmund King, president of the AA, says the decision by Chancellor Alistair Darling to put off the 2p per litre petrol price increase from April to October, would help to stave off panic at the pumps.
“The proposed increase would have taken fuel prices to new record levels,” King notes, pointing out that the price of a litre of petrol has risen by 17.3p compared to March 2007. King states that the proposed 2p increase “should be scrapped,” if prices are still high in October.
A similar message was issued by the RAC Foundation, with acting director Sheila Rainger stating that the delay in the proposed increase was a sensible decision.
“Postponing the increase only delays the misery for British motorists struggling to make ends meet. The Chancellor should look again at the idea of a fuel duty stabiliser to protect British motorists from the shocks of the global oil market.”
Figures from the AA state it now costs £8.65 more to fill up a 50 litre petrol tank than in March 2007, with the average price of petrol reaching 106.32p per litre, compared to 89.02p in March 2007.