Filling up may cost £111

Tuesday February 21,2012
By Dana Gloger Consumer Affairs Editor

RISING oil prices caused by tension with Iran could send the price of fuel soaring to almost £7.50 a gallon.

The cost of a barrel of crude yesterday hit an eight-month high of $121 and last night motorists were warned pump prices could shoot up by 20p a litre within six weeks.

That would take petrol to an average of £7.07 a gallon and diesel to £7.42, their highest-ever level. It would cost over £111 to fill a typical family car with diesel.

Fuel is already 15 per cent more expensive than 12 months ago and diesel last week hit a new record high of 143.05p per litre. The warnings came after Iran yesterday said it was cutting exports at once to Britain and France in retaliation for EU sanctions over its nuclear programme.

Ahmad Qalehbani, head of Iran’s state oil company, warned other European countries could also be hit if they continued “hostile acts”.

That would be another blow at a time when turmoil in oil-rich countries including Syria, Sudan and Nigeria is affecting supplies and keeping crude oil prices high. Analysts J.P. Morgan yesterday said prices could continue rising for the next 12 to 24 months.

Ahmad Qalehbani, head of Iran’s state oil company, warned other European countries could also be hit if they continued “hostile acts”

Calling for Chancellor George Osborne to cut fuel duty in next month’s Budget, Peter Carroll of FairFuelUK said fuel could go up 20p a litre “within six weeks”.

He said: “It would lead to surging unemployment, a return to recession, a growing deficit and years of economic misery. It could make us the next Greece.”

The Daily Express is calling for a 5p-a-litre fuel-duty cut and has teamed up with FairFuelUK for a national day of action on March 7.

One comment

    I have warned you all time and time again what was going to happen with oil prices. I have told you that the first basic real conflict event with Iran would send oil prices immediately to $250 a barrel. Look whats happening now and we are nowhere near any serious event yet. Oil cut off to France and Britain by Iran is nothing more than a drop in the ocean compared to a Strait of Hormuz block I assure you. Remember what I told you that the first big event will be $250 and the price has the capacity to go all the way up to $650 a barrel very quickly. May I remind you that if you think not traveling in a carriage means you are safe then think again. Oil and petroleum are needed for food growing in this current era and it’s certainly needed for transportation. Even if we ended up using barges on canals again we would need a fuel source of some kind to power the barges. So expect massive food price bills regardless of the inflation which goes on the bills as well. I strongly suggest you stock up with three years worth of food immediately. This is not going to stop now and this is only the beginning of a long and dirty period from hell.

    -=> The Unhived Mind

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