Tuesday 1 September gave delivered another blow to the motorists wallets, as the government implement its 2 pence price hike on petrol litres.
Each litre in the UK has now reached a staggering 107 pence increasing the average fuel expenditure of the average 2-car family by an extra £120 a year.
The recent price hikes follow the more reasonable price drop a few months ago to 89 pence per litre, however the government did warn that these prices will be short lived. However more bad news is set to follow as experts predict that fuel prices are going to rise a further 3 pence over the coming weeks.
One UK supermarket has attempted to hold fast against the rising prices by freezing its fuel at 103.7 pence per litre but this ice over only stands until Sunday. Many question how long the supermarket's can withstand the increasing cost of fuel before they to have to release competitive prices in favour for rising tariffs?
Experts are worried that the rising costs of petrol and diesel will deter many people from purchasing new cars, a trend which could be devastating for the British car industry.
Similarly, hundred of families may relinquish ownership of many family automobiles because they can no longer afford to run them threatening the security of parental employment. Fuel prices are likely to eat away at family budgets causing belts to tighten further still.
The public transport may see a surge in usage as families switch to trains and buses for their school and work commuter journeys.
Lower Premium offers competitive vehicle insurance premiums for car owners across the UK.
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