The price of petrol in the UK could rise by as much as 15 pence per litre within the next 12 months, it has been warned.
The Petrol Retailers’ Association (PRA) of Great Britain made the prediction based on analysis of fuel market trends and tax changes.
In its report, the PRA claims that British motorists could be paying a record 123 pence for a litre of unleaded fuel by the end of 2010.
The restoration of VAT rates to 17.5 per cent, as well as a host of confirmed and proposed tax increases, will also affect fuel prices this year.
The PRA report says: “With all of these duty and VAT factors considered, this will equate to a 5p per litre increase in fuel prices by the beginning of April 2010 with the possibility of up to a 10p per litre rise solely from UK taxation by the fourth quarter of 2010.”
The Government has stated that it will raise fuel duty by at least 1p per litre on 1st April, while tax breaks for the production of biofuel are set to be withdrawn. It is also rumoured that VAT will increase to 20 per cent at some point in 2010, adding a further 2.5p per litre to the cost of unleaded petrol.
Paul Watters, head of public affairs at the AA, has played down these fears by branding the PRA report “pessimistic”, and partly based on speculation.
Daniel Parry of delivery price comparison site Delivery Quote Compare said: “These increasing fuel prices will put even more pressure on already tight margins. Hauliers and couriers will need to maximise their capacity, or else reduce their empty backloads in order to compensate for the higher price of fuel.
“Here at Delivery Quote Compare we search through hundreds of different delivery companies to give our customers the best deal to suit their needs. This gives hauliers the opportunity to obtain additional business, which would maximise their delivery capacity, meaning they get more value for money from their fuel consumption.”
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