Petrol Prices To Top £1.00 - 16th Sept 2007

Petrol Prices in the UK could soon top £1 a litre if the price of oil keeps on rising.
Whatprice.co.uk have looked at the correlation between oil prices and the petrol forecourts and the results show a clear pattern emerging.

Alastair Taylor, Director of Whatprice.co.uk says “Basically if oil prices rise by around 7-8 dollars per barrel and stay there we can expect to see petrol prices rise by 5p or more. This could take the average forecourt price through the £1 mark”

Oil prices have been on the up due to the recent market turmoil and geo-political concerns and even temporarily passed the $80 mark in trading on Friday 14th September.

“Petrol Prices do not track the daily fluctuations of oil, but if we do see oil prices settle above the $80 mark then this will probably filter through to the price of petrol in a few weeks time”, say Jonathan Pearson, Chairman of Whatprice.co.uk.

The last time oil was this high was around September 2006, at that time oil was averaging around $75 a barrel, and the average price of petrol reached 98p, with many forecourts around the country reaching well over the £1.

There have been reports of petrol exceeding 100p in many parts of the country, indeed the more inaccessible areas of Wales and Scotland have suffered with prices above the pound mark for quite some time, and the average price of fuel in the Scottish Isles now stands at 102p.

Looks like we’ll have to start getting used to an extra digit on those forecourt pricing boards!

Petrol Price Map