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Petrol could hit £100 by 2015Back

The cost of fuel is set to rise dramatically in the next few years and motorists have been warned this week that they could be looking at paying more than £100 per tank of petrol in the future.

It has been predicted that in the next four years, the average cost of unleaded petrol is set to rise from its current average of £1.34.80 to £1.54.

The rise in fuel costs will hit struggling families hard with experts predicting that the cost of filling up a Ford Mondeo car, containing a 70-litre tank, will rise from £93 to nearly £108.

Petrol and diesel prices were due to fall significantly as disruptions with Libya, one of the world’s major oil suppliers, and the aftermath of Hurricane Irene both begin to fade.

However, it has been predicted by the Ernst & Young ITEM club that this will only be a brief respite before fuel costs will rise again due to the rising demand from Asia economies.

The repercussions of such a steep rise in energy and petrol prices are that many households will have to tighten their belts even further at a time when money is already tight due to average pay rises currently well below inflation.

“By 2013 prices at the pumps will be eating into household finances once again,” said Neil Blake, a senior economic adviser to the ITEM Club.

“Demand from the emerging markets will maintain the pressure on inflation, as will the increase in fuel duty on the home front.”

George Osborne, the Chancellor, is set to introduce a deferred annual increase of 3p a litre in January, followed by another likely rise next August, but it is feared that these increases will make it impossible for many people to continue to run their family cars, turning towards public transport as alternative method in which to travel.

 

Posted by Leana Kell on 08/11/2011