£1.50 a litre petrol “unlikely”
Date: 17/04/2008 12:00:00
It is unlikely that petrol costs will reach £1.50 a litre as has been recently predicted, according to the RMI Petrol Retailers Association.
Director Ray Holloway said that while certain sources believe this may happen over the summer period, the current increases will in fact drop off towards the middle of the year.
High oil prices and rising fuel duty costs have combined to push the cost of petrol to a higher than average level in recent times.
"Upward price trajectory is usual for this time of year, as we head slowly towards the high fuel demand summer holiday season, but it is extremely doubtful that we will see the price of a litre hit £1.50," Mr Holloway explained.
Oil prices broke through the $100 (£50) a barrel mark some time ago and are now pushing $120 per barrel, according to reports.