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Average petrol cost at £1 a litre Average petrol cost at £1 a litre
(10 minutes later)
The average UK price of unleaded petrol has passed £1 per litre for the first time, a research group has said.The average UK price of unleaded petrol has passed £1 per litre for the first time, a research group has said.
A litre of the fuel now costs 100.08p according to the latest data from industry researchers Catalist. A litre of unleaded petrol now costs 100.08p, according to the latest data from industry researchers Catalist.
The price of petrol has risen sharply in recent months on the back of record global oil prices, which have risen due to supply concerns and the weak dollar. Petrol prices have risen sharply on the back of record global oil prices, which have increased as a result of supply concerns and the weak dollar.
Duty on petrol and diesel was also increased by 2p a litre from the start of last month, further lifting prices.Duty on petrol and diesel was also increased by 2p a litre from the start of last month, further lifting prices.
The average price of a litre of diesel is now 103.32p. The average price of a litre of diesel is now 103.32p. Diesel broke through the £1 level two and a half weeks ago.
Diesel broke through the £1 level two and a half weeks ago. Weak dollar
Petrol retailers have warned for some time of escalating prices as wholesale crude prices soar and the impact of rising fuel duty makes itself felt.Petrol retailers have warned for some time of escalating prices as wholesale crude prices soar and the impact of rising fuel duty makes itself felt.
HOW £1/LITRE OF PETROL BREAKS DOWN VAT: 14.89pDuty: 50.35pProduciton & delivery: about 31pRetailer: about 4p Source: AA/Retail Motor Industry Federation (RMIF)
The weak dollar has driven up oil prices because some investors have been using the commodity as an alternative to holding dollars.
On the other hand, it makes oil relatively cheaper for anybody outside the US, as crude is priced in dollars.
Recent oil supply concerns have centred on a number of factors, including Iran's stand-off with the West over its nuclear ambitions, and a possible Turkish military action against Kurdish rebels across the border in Iraq.