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| Version 2 | Version 3 |
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| Average petrol cost at £1 a litre | Average petrol cost at £1 a litre |
| (about 1 hour 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. | 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. | 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. |
| Petrol price graph | Petrol price graph |
| The average price of a litre of diesel is now 103.32p. Diesel broke through the £1 level two and a half weeks ago. | 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 | 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: 50.35pProduction and 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. | 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. | 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. | 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. |
| Return to top | Return to top |