Misery for Credit Crunch Drivers

PRLog (Press Release) – May 31, 2009 – When the Credit Crunch first gripped the UK there was at least a small silver lining for the British motorist. As Oil prices collapsed from their peak of $140 a barrel the average price of unleaded dropped with it, from its peak of 118p in Jul 08 down to 85p during the Christmas period.
However, the credit crisis has not gone away and yet fuel prices are on the rise again, hitting motorists hard when they can least afford it. With Oil back above $60 again unleaded prices have been slowly creeping upwards over the last few weeks and threaten to break through the £1 barrier again very soon.  This means that a motorist with a typical 60l tank can expect to pay almost £10 more each time they fill up.
Will Bradley, developer of Whatgas.com says “if oil prices continue to rise at their current rates then the average forecourt price will smash through the £1 mark in the next week”
The current high prices are also a consequence of the latest hike in fuel duty - an extra 2.12p per litre was added in April.  Some motorists are also being hit by the government’s recent changes to the road tax rules, which some experts believe will mean that over 8 million drivers are worse off.
Oil prices have been steadily increasing due to speculation on the markets and OPEC decisions to cut oil production. With such a rapid rise in the cost of a barrel of oil it is inevitable that this will affect the prices in our forecourts.
“Forecourt prices do not track the daily fluctuations of oil, but if we do see oil prices settle above the $60 mark then this will filter through to the price of petrol in a few days time”, say Alastair Taylor, Chairman of Whatgas.com. “It looks like high fuel prices are here to stay”
There have been reports of petrol already exceeding £1 in many parts of the country, indeed the more inaccessible areas of Wales and Scotland suffered with prices above the pound mark for some months.
Looks like we’ll have to start getting used to an extra digit on those forecourt pricing boards again!
Whatgas.com collects petrol pricing data from the British consumer and displays it for free on their interactive map. It allows users to easily locate any petrol station in their area and check on the latest fuel prices.
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If you would like more information, including local fuel pricing info please contact:
Alastair Taylor

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Whatgas.com collects petrol pricing data from the British consumer and displays it for free on their interactive map. It allows users to easily locate any petrol station in their area and check on the latest fuel prices.