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Petrol prices soar to a high of £1.39

While last week we saw the price of petrol rise above the one pound a litre level there is evidence that further increases are imminent with experts predicting a rise to between £1.10 and £1.15 a litre in the short term. However, there is already evidence that some service stations around the UK have increased their prices above and beyond the average level with one garage in London said to be charging a massive £1.39 litre!

While the increase in petrol prices will see an increase in income for the UK government, as the tax take will increase as the price rises, we stand on the verge of another serious petrol war across the country. Only a few months ago the UK government stood accused of fleecing motorists throughout the UK by increasing taxation on petrol and there are concerns we could see further disruption in petrol forecourts.

Rather bizarrely, it appears to be speculators on the worldwide oil markets which are pushing prices higher with expectations that oil will be in short supply next year and many looking to make a quick buck in the process. Despite attempts to root out speculative investment in the oil market this is something which will always be a problem and always has been. The price of oil does not always necessarily reflect the supply and demand level but ultimately the actions of speculators as a whole and those who have no direct connection with the oil industry.

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