Oil rise takes petrol up to 110p


Published: Tuesday 3rd March 2015 by The News Editor

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The price of petrol at the pumps has risen above the 110p-a-litre mark, according to the AA.

The average petrol price is now 110.12p a litre, having dipped to 106.39p at the start of February 2015, the AA said.

Diesel, which fell to a low of 113.42p a litre at the beginning of February, now averages 116.85p a litre.

The AA said the hike in pump prices followed a 15-dollar rise in the barrel price of oil between the middle of January and the end of February, with higher petrol and diesel prices likely to come.

It added that Government figures showed that motorists were generally cautious about the low prices in the first few weeks of 2015.

The statistics revealed that petrol consumption in January 2015 slumped to a record low for the month despite the lowest pump prices since October 2009.

The 1.388 billion litres of petrol sold in January 2015 were 87 million litres less than in January 2014 and the third lowest volume on record.

AA president Edmund King said: “With cuts in the cost of domestic gas mostly due this month, the storms and sharp plunge in temperatures in January are likely to have pushed families into turning up the heating, but cutting back on car use to balance the books.

“Beyond winter, drivers fear another spike in oil and pump prices. Just when drivers and businesses hoped that there might be some stability in petrol and diesel prices, commodity market greed has pushed up costs again and many petrol stations have wasted little time in passing them on.”

Published: Tuesday 3rd March 2015 by The News Editor

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