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Petrol Prices to Hit Record High?

Motorists are set to see petrol prices rise to about 120p a litre by the end of this month.

The warning came from Retail Motor Industry Independent Petrol Retailers Association (RMI) chairman Brian Madderson. The organisation represent two thirds of the petrol forecourts in Britain.  This weekend, a litre of petrol came in at 116.65p, but the expected price hike would see petrol hit 121p per litre, a tiny fraction off the record high achieved in May of this year.

The rise in price will be a result of increases in the price of crude oil but also of the rise in VAT and the government’s planned rise in fuel duty.

The RMI chairman went on to predict that prices could reach 125p in the new year, smashing the previous record.

The price increases could be crippling to motorists and independent retailers alike especially in rural areas where there is little competition.

An RAC spokesman asserted that the “if the government really wanted to help motorists, they should abandon these planned increases.”

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