Petrol prices set to hit record high
Petrol prices in Northampton are set to reach an all-time high after increasing by more than 25 per cent in the past year, the AA says.
Recent increases in the wholesale price of petrol have been blamed for the rise in forecourt prices which means that at Morrisons in Northampton, regularly one of the cheapest places to buy petrol in the town, it now costs 115.9p a litre, compared to 89.9p a litre in March 2009.
In the past month, the cost of unleaded petrol has risen by 5p a litre and the AA has predicted that, with a likely decrease in the pound's value against the dollar, 120p a litre is a possibility before the end of this month.
In a bid to stop fuel prices hitting a record high, AA president Edmund King has called on chancellor Alistair Darling to freeze the 3p fuel duty increase duty due to come in to effect on April 1.
Mr King said: "Before this wholesale price surge works its way through to consumer spending and hits economic revival, the AA believes the Government should look at what is behind it.
"With refiners in Europe closing sites or looking to sell them, soaring wholesale prices could drive down demand and weaken the sector further."
Paul Griffiths, chief executive of Northamptonshire Chamber of Commerce, said the soaring price of fuel at the pumps was a "serious threat" to the competitiveness of businesses, both in Northamptonshire and across the UK.
He said: "Northamptonshire, due to its central location, is home to many logistics companies. Record petrol and diesel prices are pushing these businesses to the edge. Something needs to be done urgently or increasing numbers of companies will be left with no choice but to pass extra costs on to their customers."
Graham Goss, of the Northamptonshire Federation of Small Businesses, said rising fuel prices were already starting to hit the profits of transport-related businesses in the county. He said: "It is not good news. Some of the larger retail players can add it on to retail prices but the companies in the middle get squeezed.
"Northampton has a lot of small and large companies linked into transport and the rising price of fuel is a big increasing cost for hauliers in particular. It costs a fortune to fill up a truck.
"If we are to continue the recovery we cannot afford another run on the pound as petrol.
"For Alistair Darling to keep putting tax on all the time is also not helping."
Chairman of Northampton Private Hire Association Kevin Willsher said the rise in fuel prices was putting pressure on drivers to work longer hours to maintain income levels.
Mr Willsher said: "It is having a big affect on taxi drivers as we are having to work longer hours which is unreasonable. The additional costs are hitting trade and it gets to a point where you have to think about putting prices up."
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Friday 10 February 2012
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