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Record Fuel Prices for Christmas! |
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Written by Karl
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Monday, 16 November 2009 21:45 |
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UK Motorists face rising fuel prices to record levels as they fill up their cars in the run up to Christmas, an RAC report warns. Petrol prices are expected to reach 110p per litre by the middle of next month – the equivalent of £5 a gallon. These latest price rises are blamed on worldwide oil costs and the falling value of the pound. The price hike means an increase of more than 26 per cent on last year when unleaded fuel cost 87p a litre. The price warning comes after oil giant BP revealed bumper quarterly profits of more than £3billion - a 60 per cent rise on the £1.9billion profits it made between April and June. The last time petrol was so high the cost of crude oil was around $100 a barrel.Yet the price of crude has remained between $75 and $80 a barrel over the last month.
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