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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 unleaded petrol now costs 100.08p, according to the latest data from industry researchers Catalist. | |
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. 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. |