Petrol Price Increase: Next week’s 2p fuel duty increase will force UK drivers to spend over £36 million more on petrol in the next month alone, totalling £1 billion by September 2011, new research claims.

As petrol prices spike at a six month high of 104.7p per litre, Brits face the prospect of another 2p per litre rise in fuel duty on 1st September.

Petrol Price Increase: Motorists to pay £29 more a year

New analysis from uSwitch.com, the independent price comparison and switching service, reveals that consumers will be forced to shell out an extra £29 per year as a result of the impending price hike – equating to an additional £1.16 for every tank of petrol they buy.

In total, this will cost UK drivers over £36 million in the next month alone as the cost of filling the average tank hits over £62. This is a 26% (£12.99) increase since 2007, when a full tank cost a more modest £49.22 (87.9p per litre).

Adding insult to injury for motorists, industry experts suggest that petrol prices are in fact set to soar by up to 3p a litre at the height of the holiday season this month, due to the rising prices of oil and an 8% rise in the wholesale cost of fuel.

Coupled with the double whammy of the 2p fuel duty increase, consumers could be subject to a 5p a litre rise in total. Further knocks to drivers include government plans to end the temporary cut in VAT on January 1, 2010 – just months after the fuel duty increase comes into force.

Petrol Price Increase: Motorists Losing Money

• This small tweak will cost every motorist around £29 more in the next year, an extra £1.16 for every tank of petrol.
• In just six months petrol prices have already increased from just 90.6p to today’s average of 104.7p – a rise of 15.6%
• Motorists face a double blow as reports suggest petrol prices may soar by up to 3p a litre this summer due to the rising prices of oil and wholesale costs of fuel – resulting in a 5p price hike per litre in total.
• One in three (33%) potential car buyers are planning to downsize from their current vehicle, with over a third (36%) citing fuel efficiency as the most important consideration when buying a new vehicle.

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