Fuel prices have hit a new record high following a week in which oil prices soared to $121 a barrel. The Financial Times reported the figure was a record
oil price in terms of sterling, because although it was below the $147-a-barrel record set in June 2008, the 17% fall of sterling against the dollar in recent times raised the sterling price per barrel to £74.60, higher than the record set in 2008.
Unleaded fuel prices at the pump reached 134ppl, meaning the budget tax cut has already been wiped out.
Meanwhile RMIP chairman Brian Madderson said fuel retailers were really suffering.