Five Questions About: Rising fuel prices

 

What's happening to the cost of petrol?

From New Year's Day, UK motorists will face a further 3p rise a litre, which will slap an extra £1.50 on the cost of filling an average tank. The inflation-linked duty rise was supposed to take effect last April but was postponed by the Government. A further rise, originally scheduled for next April, will now take place in August.

What's being done about rising prices?

On Tuesday, Tory PM Robert Halfon has secured a Commons debate about the rising cost of fuel, which he claims is putting "immense difficulties" on lower-earners and businesses. With an e-petition signed by more than 100,000 people and backed by more than 100 MPs, Halfon wants to pressure Chancellor George Osborne to review the cost of petrol ahead of his Autumn Budget Statement.

How much does it cost?

The average cost of a litre of unleaded petrol is £1.34, according to fuel comparison website, PetrolPrices.com. This compares with £1.19 this time last year. In the past 20 years, petrol prices have tripled.

How can I pay less?

Look out for special offers from the big supermarkets which provide shoppers with a discount on fuel from their forecourts in return for spending above a minimum on groceries. You can also find the cheapest petrol in your area by typing your postcode into PetrolPrices.com.

How can I use less?

Removing unwanted weight from your vehicle, keeping tyres inflated, driving smoothly and switching off the engine if your vehicle is idle, will all improve consumption.

Reining in your speed will help. According to the AA, driving at 80mph on the motorway uses up to 25 per cent more fuel than driving at the legal limit of 70mph.

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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