Decades of Cheap Petrol Are Over, Experts Warn
Motorists are facing further petrol price rises after crude oil hit a record high this week with experts and oil-producing countries warning that a decade-long period of cheap energy is now over.
With pump prices already at an average of 82.5p a litre for unleaded and 87.1p for diesel, the latest surge in crude, which has reached more than $57 a barrel, is likely to push petrol up over the coming days, experts say.
Ray Holloway, of the Petrol Retailers' Association, dismissed speculation that petrol would hit £1 a litre as "scaremongering" but said prices were likely to rise further in the second quarter of the year ahead of the summer driving season, when demand peaks.
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