British motorists facing $9 a gallon at the pump due to Libya crisis

February 27, 2011

By David Millward, The Telegraph

The cost of unleaded has broken the barrier in 267 forecourts already and the number is set to increase sharply over the next few days.

Brian Madderson, chairman of RMI Petrol, the filling stations’ trade body, said motorists will be paying 10 pence a litre more by the end of April because of the looming increase in fuel duty and higher oil prices on the world market.

By the middle of next week £6 a gallon – or £1.32 a litre – will be the norm across Britain, Mr Madderson added.
With the Libya crisis pushing the cost of oil to its highest level on the world markets since August 2008, the cost of motoring, commuting and family holidays are also likely to rise to unprecedented levels.

At one point the price of Brent Crude spiked on the London market, hitting $119.79 a barrel – $8.54 higher than when trading started yesterday morning.

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