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post #1 of (permalink) Old 8th November 2007 Thread Starter
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fuel 1+ a litre

Unleaded fuel has passed the 1 a litre markAverage petrol prices set a new milestone as UK motorists counted the cost of crude oil 's surge towards 100 US dollars a barrel.

The average price based on Tuesday's figures showed drivers are now having to pay 100.08p a litre for unleaded petrol, the AA said.

The 1 breakthrough came as fears over winter fuel supplies caused the cost of light, sweet crude for December delivery to rise as high as 98.62 US dollars a barrel on the New York Mercantile Exchange.

The figure eased after a government report said oil inventories fell less than expected last week while refinery utilisation also remained flat.

In London, Brent crude rose to more than 94 US dollars a barrel, supported by severe weather in the North Sea, which has shut down several oil platforms.

The weak US dollar, which fell to a new low against the euro on Tuesday, is also lifting oil prices. Oil futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.

Crude prices are now within the range of inflation-adjusted highs set in early 1980. While adjustment calculations vary, 38 US dollars a barrel then would now be worth between 96 to 103 US dollars or more today.

At the start of the year petrol was 88.32p a litre on average, with diesel at 93.68p a litre. This means that UK drivers are now spending an extra 8.08 million a day on petrol compared with the beginning of 2007.

The contrast with February this year - when the lowest average petrol price of 85.99p a litre was recorded - is even greater. Also, this time last year petrol cost 86.11p a litre. This means UK drivers are now spending nearly 9.61 million extra a day compared with the same time last year.

Individually, for a motorist with a typical 50-litre fuel tank, a petrol refill is costing 6.99 more than this time last year.
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