Petrol prices are set to hit 120p a litre by the end of the year, motorists were warned yesterday. Prices on forecourts have increased by around 20p a litre since the start of 2009, adding ?11 to the cost of filling up an average tank.
And if they continue to rise at the present rate of around 1p a week, the average cost is likely to hit 105.5p by the end of August, with another 2.3p in fuel duty added from September 1.
The RAC said motorists could be paying 120p a litre by Christmas. It says the latest hikes, triggered by the escalating cost of crude oil and wholesale fuel, are expected to push prices back up to last summer's high when oil peaked at $147 a barrel.
Forecourts countrywide are charging an extra 20p a litre since the start of 2009
Petrol prices are set to hit 120p a litre by the end of the year, motorists were warned yesterday. Prices on forecourts have increased by around 20p a litre since the start of 2009, adding ?11 to the cost of filling up an average tank.
And if they continue to rise at the present rate of around 1p a week, the average cost is likely to hit 105.5p by the end of August, with another 2.3p in fuel duty added from September 1.
The RAC said motorists could be paying 120p a litre by Christmas. It says the latest hikes, triggered by the escalating cost of crude oil and wholesale fuel, are expected to push prices back up to last summer's high when oil peaked at $147 a barrel.
RAC spokesman John Franklin said: 'The September rise means fuel duty will have increased three times in the past eight months, with another rise to come in April next year as well as the end of the 15 per cent VAT rate at Christmas.
'With the additional increase in December, when VAT reverts back to 17.5 per cent, it is looking more and more likely that petrol prices will head towards last summer's record highs of 120p a litre.'
The RAC says the average price for a litre of unleaded is now 103.9p, but in many areas drivers are paying more. In Braintree, Essex and Solihull, West Midlands, it costs 114.9p a litre, in Merthyr Tydfil, South Wales, it is 112p a litre while in Carlisle it is 110.9p.
While wholesale oil prices have continued to climb, rising to $70 a barrel last week, prices at the pumps have risen at a faster rate.
The last time crude was at $70 a barrel in June 2007, the average price of petrol was 97p. The RAC said: 'It does seem to be the case that petrol prices rise quickly when oil goes up, but fall slowly when the price of oil drops.'
Oil hit an all-time high of almost $150 a barrel in July 2008, before plunging below $40 in December and then bouncing sharply back.
And if they continue to rise at the present rate of around 1p a week, the average cost is likely to hit 105.5p by the end of August, with another 2.3p in fuel duty added from September 1.
The RAC said motorists could be paying 120p a litre by Christmas. It says the latest hikes, triggered by the escalating cost of crude oil and wholesale fuel, are expected to push prices back up to last summer's high when oil peaked at $147 a barrel.
Forecourts countrywide are charging an extra 20p a litre since the start of 2009
Petrol prices are set to hit 120p a litre by the end of the year, motorists were warned yesterday. Prices on forecourts have increased by around 20p a litre since the start of 2009, adding ?11 to the cost of filling up an average tank.
And if they continue to rise at the present rate of around 1p a week, the average cost is likely to hit 105.5p by the end of August, with another 2.3p in fuel duty added from September 1.
The RAC said motorists could be paying 120p a litre by Christmas. It says the latest hikes, triggered by the escalating cost of crude oil and wholesale fuel, are expected to push prices back up to last summer's high when oil peaked at $147 a barrel.
RAC spokesman John Franklin said: 'The September rise means fuel duty will have increased three times in the past eight months, with another rise to come in April next year as well as the end of the 15 per cent VAT rate at Christmas.
'With the additional increase in December, when VAT reverts back to 17.5 per cent, it is looking more and more likely that petrol prices will head towards last summer's record highs of 120p a litre.'
The RAC says the average price for a litre of unleaded is now 103.9p, but in many areas drivers are paying more. In Braintree, Essex and Solihull, West Midlands, it costs 114.9p a litre, in Merthyr Tydfil, South Wales, it is 112p a litre while in Carlisle it is 110.9p.
While wholesale oil prices have continued to climb, rising to $70 a barrel last week, prices at the pumps have risen at a faster rate.
The last time crude was at $70 a barrel in June 2007, the average price of petrol was 97p. The RAC said: 'It does seem to be the case that petrol prices rise quickly when oil goes up, but fall slowly when the price of oil drops.'
Oil hit an all-time high of almost $150 a barrel in July 2008, before plunging below $40 in December and then bouncing sharply back.
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