Misery at the pumps this summer

Published:  09 June, 2009

UK: Greedy City speculators are to blame for the hike in the price of petrol. 

By gambling on the future prices of crude oil, they are pushing up its price even though there are ample reserves.

For motorists and companies the price os unleaded fuel broke the £1 barrier yesterday. The average price is now around 100.07p a litre.

Diesel costs more at around 103.9p a litre, according to an AA fuel report. Regional variations are also an issue. The highest rates are in central London.

According to Louise Doherty of petrolprices.com, now would be an ideal time for the Government to cut fuel tax. It would help drivers and stimulate spending to get the economy back on track.

The UK has the highest and widest variations in prices in Europe. Prices for petrol in Spain, for example, are among the lowest in the EU.

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