Petrol Prices On The Rise Again
A recent survey has revealed that petrol prices at the pumps are set to break through the £1 a litre mark in the next few weeks. Last year, when crude oil prices were at a record high, the cost of a litre of petrol peaked at around £1.20.
Flint, United Kingdom (PRWEB) May 23, 2009 -- A recent survey has revealed that petrol prices at the pumps are set to break through the £1 a litre mark in the next few weeks. Last year, when crude oil prices were at a record high, the cost of a litre of petrol peaked at around £1.20.
But with the onset of the recession oil prices collapsed and more recently average prices have been below 90p per litre. However, the resurgence in the barrel price of oil in recent weeks has seen average prices at the pumps rise to 97.68p a litre with motorway service stations and outlying filling stations charging £1.
A spokesman for Staveley Head, one of the leading commercial van insurance providers in the UK, said "This is a real concern for ourselves, as it is the businesses which place their van insurance and lorry insurance with us who are going to be worst affected. Two months ago we reported on the Government levied 2p a litre tax increase which was due to be levied in April and expressed our concern at the catastrophic affects petrol price increases could have on an already fragile industry. These new figures, together with the certain knowledge that there will be a further Government imposed tax increase of 2p a litre in September, is not going to help either commerce or the consumer."
It is also a bone of contention, particularly with the business sector, that the Chancellor has not confirmed his intention to abolish the 2.5% increase in fuel duty which was levied last November and which neutralised the 2.5% reduction in VAT. It left the private motorist with no advantage in price, and VAT registered businesses 2.5% worse off as they were unable to reclaim the fuel duty but had previously been able to reclaim the full VAT element.
Commercial vehicle insurers and private motorists can ensure maximum petrol economy by ensuring that their vehicles are well maintained and serviced and have the correct tyre pressures. Businesses can also make significant savings by searching for cheaper van insurance, or even taking out van insurance online.
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