Price of petrol hits new high

Petrol prices are expected to hit a record high today as unleaded came close to the 137.43p-per-litre high of May last year.

The AA said last night that this price is likely to be exceeded today. The motoring organisation blamed soaring oil prices driven by instability in the Middle East for the increase. The price of unleaded has risen by 1.25p in the past week alone.