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Petrol prices set to fall to 3 year low

It looks as though 2009 could be an interesting year for motorists in the UK after the price of crude oil fell to just $39 a barrel yesterday. The price war which was instigated by Tesco has been matched by many of the leading UK fuel providers such as Total and Shell with many more are expected to follow. The AA has confirmed that the average cost of petrol fell in the last week of December from 88.27 pence per litre to 87.79 pence per litre which is a long way off the highs of 120p seen this summer.

The only possible concern that UK motorists could have is the fact that the UK government will probably use this reduction in the price of petrol, and diesel, to increase the tax payable on fuel. They will no doubt argue they have withheld a number of tax rises for fuel over the last few months and money is needed to replenish the UK coffers.

There are also concerns that now that the price of petrol has fallen we could well see number of travel related tax increases as the authorities look to make up as much money as possible after spending billions upon billions of pounds on various rescue packages and bailouts.

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