London, England (PRWEB) July 30, 2008
ClubPrem.com, the travel and entertainment programme offering great savings on everything from hotels to restaurants in the United Kingdom as well as selected countries in Europe, has posed the following question regarding the rising global oil and petrol prices on the UK forecourts- when will it stop?
The price of crude oil reached an all time high this month (16th June 2008) where it peaked at $139.89 per barrel (boston.com/ business 26/06/08) since this time the prices have fallen back to $134.55 at the close of business on 25/06/08. However this drop in price and the Saudis commitment to up oil production by 500,000 barrels per day has not appeared to alleviate the immediate problem. Petrol and diesel prices continue to soar.
UK motorists, especially in London and the South East of the country are the hardest hit, as these areas still appear to be the most expensive to buy both petrol and diesel. According to the Ananova report online, the president of the AA has stated that the record fuel prices seen thus far is affecting the mobility and livelihoods of many UK Motorists.
On the 14th of June 2008 many UK based haulers took to the roads in protests of the apparent price hikes. Motorist groups are demanding that the government intervenes and reduces fuel duty. UK fuel duty currently stands at 50.35p on both petrol and diesel. Some analysts believe that the climate will change; but not in the near future, and predictions estimate that a barrel of oil will drop to $70 as new oil production begins. These changes are not forecast until 2015 when countries such as Azerbaijan, Kazakhstan alongside Canada and the USA start to supply more oil to world markets.
At present however, British motorists face paying record amounts on the forecourts to fill cars with petrol this summer. The president of OPEC warns motorist that more sharp rises in fuel prices are imminent as oil prices are forecast to reach $170 per barrel before the end of the year. This in turn means that petrol is expected to reach £1.32 per litre with diesel rising to £1.47 per litre. This will hit the motorists and their families harder than ever as people are advised to put their current lifestyles on hold. Many motorists will no longer use their cars for family summer holidays as the charges involved are now expected to cost more that ever.
In light of high fuel prices on UK forecourts coupled with the credit crisis that is gripping the nation, the government is under increasing pressure not to inflate motoring taxes and lower fuel duty.
Premier Club members however, can still enjoy great days out at a fraction of the cover price. There has never been a better time to join this fantastic travel, leisure and entertainment programme, as membership could in fact, save our members thousands of pounds each year, Premier Club.