It doesn’t seem that we can go many months without petrol prices hitting the headlines and it appears that this May was something of a record breaker according to a recent RAC report.
The RAC report shows the largest monthly increase in petrol prices in the 18 years since they started tracking prices – with the cost of petrol going up by a record 6p across the month of May. They also reported that prices increased every day from the 22nd April leading average petrol prices to hit 129.4p a litre and diesel to reach 132.3p a litre. The two key reasons given for the increase include the higher price of crude oil and current weakness of the pound.
Whilst petrol prices seem to vary significantly across the country, the haulage industry in Birmingham is reporting concerns over the increasing prices and the effect it is having on the cost of doing business. One local business was reported as calling upon the government to act to ensure haulage firms don’t go out of business.
Reports suggest that oil prices have stabilised recently which may spell the end of the continued price increases for the time being but given our reliance on our vehicles for personal and business travel it is likely to remain a source of concern for many.