Thursday 19 September 2013

Petrol prices could be spiraling upwards in a matter of weeks.

Questor Insurance have been looking into  forecasts which show that global factors such as an increase in demand from Asia, and the ongoing unrest in Syria and Egypt, could send petrol prices spiraling upwards in a matter of weeks.

The Petrol Retailers' Association has forecasted that the cost of petrol could climb by 5p a litre before October, putting added pressure on cash-strapped motorists.

This would send the price of petrol from £1.37 a litre to £1.42 a litre– returning to the record-high achieved in April this year.

While the price of petrol is rising at slower rate compared to 2012, drivers in the UK have still been hit by a 2p per litre rise in the cost of petrol.

Research from the AA has suggested that ongoing fluctuations in the cost of petrol have put considerable strain on drivers’ budgets, with 20% of AA members surveyed arguing that fuel price rises had pushed their finances "to near breaking-point".

Further figures from the research reveal that shifts in the price of petrol over the last 18 months have led one in six drivers to look for a cash boost to meet increased expenses. This has come from a number of sources, including payday loans and their savings.

And it’s not just the UK that is set to be reeling from potential petrol price hikes. In Malaysia the government has recently decided to increase the cost of RON 95 petrol and diesel by 20 sen, while in Pakistan the government is set to approve an Rs5.89/litre increase in the price of petroleum products.

Commenting, Questor Insurance CEO Andrew Lawrence, said: “With the world economy still in a state of flux, travelers may face increased costs for fuel wherever they go.
“Taking out car hire excess insurance in advance is one way that travelers can save on their holiday motoring costs.”

Buy your car hire excess insurance at Questor Insurance today!

Questor Insurance’s ‘Be Holiday Savvy’ campaign is running from June to September 2013 and will provide travelers with a wealth of handy hints and tips to make the process of planning and executing their foreign holiday that much smoother - Source Questor Insurance

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