Petrol prices hit all-time high
As we mentioned in one of our earlier articles, UK motorists have seen the cost of filling their petrol tanks increase enormously over the last two years. Today marks another difficult period for UK motorists with petrol prices hitting 119.9p a litre and concern that prices could push further ahead in the short-term. A mixture of a short-term increase in the cost of oil and the detrimental dollar exchange rate against sterling have come together to cause a nightmare scenario for the UK motorists.
There is talk that many in the UK are cutting back on their car use amid signs that budgets are yet again being pushed to the limit. The hidden impact of higher fuel prices could also be felt in the business arena with the cost of food and other essential items heavily influenced by the cost of transport which is obviously influenced by the cost of fuel. Even though many analysts believe that inflation should not be a major issue in short to medium term this could change if fuel prices continue to push further and further ahead, impacting upon businesses and consumers.
As we are now in the general election "close period" there is very little that the UK government can do in the short-term to alleviate the pain.
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