Petrol price smash through one pound barrier
The price of petrol in the UK has risen to over £1 a litre as the price of oil continues to rise even though general usage around the world has fallen off slightly. As we have covered on a number of occasions, there are strong suspicions that many of the major oil suppliers in the UK and in other parts of the world are retaining significant reserves awaiting an increase in the price of oil. This is something of a self-fulfilling prophecy because with less fuel available for sale it seems inevitable that prices will move higher and higher as speculators join the latest investment bandwagon.
While the UK government would like to step in and force oil companies to increase their supplies to countries such as the UK, this is just not possible within the so-called free-market policy. As a consequence, petrol prices across the UK have been gradually rising over the last few weeks and while many retailers have attempted to keep price below one pound a litre the barrier has now been broken. It is worth remembering that any significant increase in the price of petrol will also assist the UK government via the ever growing tax take per litre sold.
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