Price of petrol nears all-time high after 26p per litre jump in just 12 months

The price of petrol has risen to its highest since 2012 and has seen the average price of a litre of petrol reaching 140.22p.

This makes it a nine-year high and Ministers are being called on to consider cutting VAT .

RAC said that motorists were now paying 4p per litre more in VAT due to the rising cost of oil than they were last year.

The switch to E10 petrol in September 2021 increased the biofuel content and added around 1p per litre to average prices.

Due to the cost of a barrel of oil doubling to 83 US dollars, prices have also risen by 26p a litre in just 12 months.

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The price of petrol has risen to its highest since 2012

Speaking to The Mirror fuel spokesman for RAC Simon Williams said: “Our data shows we haven’t seen the petrol price at this sort of level since September 2012, and we’re now worryingly close to the all-time average UK price high of 142.48p that was hit in the same year.

“At a time when households and businesses are facing spiralling prices in other areas, this is a huge concern.”

The spokesperson called on the Government to help “ease the burden” as the costs were adding up.

He said: “We call on the Government to take action and do whatever it can to help ease the burden on drivers.

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“While the cost of oil has more than doubled in a year, the price drivers pay at the forecourt is compounded by the fact there is nearly 58p in fuel duty charged on every litre.

“And, on top of the delivery cost and the retailer’s margin, you’ve then got VAT which currently accounts for 23p a litre.”

Simon added that it would be effective to consider cutting the level of VAT on fuel “temporarily”.

He said: “It might be most effective for the Government to consider temporarily cutting the level of VAT on motor fuel to help hard-pressed drivers.”

According to The Mirror, the RAC does not believe the recent panic buying of fuel contributed to price increases.

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