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UK petrol prices on course for 26% increase in 2009

In a startling development analysts are now warning that the price of petrol in the UK could show a 26% increase from the start of the year. Despite the fact that oil has fallen from over $100 a barrel to $80 a barrel there is speculation that many investors are looking to "stockpile" oil in the short to medium term which could again push prices higher and put UK motorists under more pressure.

The average price of petrol in the UK is now around £1.10 a litre which is the highest level for 15 months and one which is starting to impact on the budgets of UK motorists. It now costs the average family around £60.50 to fill up their tank which is £12.15 more than just 12 months ago. However, the UK is in a slightly different situation to many other countries due to the fact that the UK government, through various tax initiatives, takes around 75% of the value of a litre of petrol. The government is under pressure to maintain this level of taxation due to reduced income tax which has seen government borrowings balloon over the last two years.

Despite reservations in some quarters of the political arena, with the election on the way, the UK government is likely to hit UK motorists for more taxation in the short to medium term. In many ways, under the guise of the "green agenda", the UK government seems to have no shame when it comes to increasing the tax on petrol in the UK.

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