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COST OF PETROL REACHES RECORD HIGH

THE cost-of-living squeeze tightened today as the price of petrol hit a new record high.

The average price of a litre of unleaded reached 142.94p yesterday, according to calculations from RAC Fuel Watch, passing the previous all-time high of 142.48p reached on April 16 2012.

The motoring organisation also warned that the price of fuel could go even higher towards 150p a litre if the oil price continues to surge. It has doubled from around $40 a barrel a year ago to $85 now, but is forecast by some analysts to go higher still. Another factor driving the price upwards is the higher ethanol content of the new E10 petrol to make it less harmful to the environment.

RAC fuel spokesman Simon Williams said: “This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012.

“This will hurt many household budgets and no doubt have knock-on implications for the wider economy.

“If oil gets to $100 a barrel, we could very easily see the average price climb to 150p a litre. We urge the Government to help ease the burden at the pumps by temporarily reducing VAT.”

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2021-10-25T07:00:00.0000000Z

2021-10-25T07:00:00.0000000Z

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Evening Standard Limited