Petrol price hikes may lead to debt management
Petrol price hikes may lead to debt management
Wednesday 6th January 2010
This could mean that car owners need debt management or debt consolidation loans as the cost of travelling rises.
Rising oil prices and the rate of VAT returning to 17.5 per cent, average petrol prices have climbed to 110.04p a litre, and 111.77p a litre for diesel fuel.
A year ago, petrol cost 85.99p a litre, and diesel was 98.06p a litre.
Paul Watters, head of public affairs at the AA told the Western Mail that some independent petrol stations are still offering more competitive prices and undercutting supermarkets.
He said: "The fact that petrol sales by supermarkets were 1.8% down in the third quarter of 2009 compared to the same period in 2008, while other retailers boosted their sales 3% may indicate more selective buying by cash-strapped drivers.
"With further increases in tax due this year and the price of oil back above $80 (£50) a barrel, the winter weather isn’t the only problem sending a shiver through drivers."
With fears that VAT could rise as high as 20 per cent later this year, drivers could be in store for further increases in the cost of filling up a car petrol tank in 2010.
Recently, the Press Association reported on the sharp rises in car prices which followed the increase in VAT on January 1st, with a new Ford Ka will cost £182 more than it did last month and a Ford Focus, the UK's most popular vehicle, £306 extra.
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