Increasing fuel costs: Huge impact on motoring industry

Date posted: February 25, 2013

The average cost of filling a car with petrol has “soared by more than £3 since the start of last month,” according to The Telegraph.

After surging by 50p a litre over just one month, the price of petrol has increased a further 1p in the last week.

According to a report, “The average cost in the UK is now 138.32p a litre, with diesel having risen 4.78p from its mid-January price to an average of 145.10p.

“The increase in the price of petrol adds £3.12 to the cost of refilling a typical 50-litre tank, while filling up the 70-litre tank of a Ford Mondeo now costs £4.37 more than six weeks ago.”

The average monthly petrol cost for a family with two cars has risen by £13.25, a significant increase, with a huge impact on struggling families.

The argument behind soaring fuel costs

A “plunging pound” and stock market speculators driving up the price of fuel have been blamed for soaring fuel prices, although this statement has sparked controversy by fellow motorists who believe that the Government is solely seeing them as a “cash cow.”

Despite councilor George Osbourne scrapping the 3p rise in fuel duty from April 1 until September 1, fuel prices are still taking their toll on the motoring industry, including the freight industry and businesses reliant on transport.