We all know that fuel prices can cost an arm and a leg, but rising fuel costs seem to just be a fact of life these days. But few of us worry about the total amount of money we are actually spending on fuel.
The running costs of a car will in most cases depend on the type of car you will be running. Automatic cars will naturally be dearer to run, in most cases apart from repairs or major replacements or body work repairs- the biggest cost many motorists will incur overall is without doubt those fuel costs.
The AA have last week revealed that petrol prices have increased a whole 5p per litre in just a month. This may not sound like much to new drivers, but rest assured that it can be. This 5 pence can soon build up depending on how much fuel you use.
The average litre of fuel in the UK is now 137.08p. This is compared with 132.01p at the end of January. Diesel fuel has also naturally increased in price too! In January we have seen the price increased from 140 pence a litre to 143.96 pence. This is in the space of just a few weeks.
The AA have commented on this latest petrol increase. Saying that it was the third time in less than a year that fuel has risen so quickly in a short space of time. The last time was in the months of March and October last year. The AA have also stated that as a direct result, motorists would cut back on driving their vehicles. This is what happened during previous months.
To give you more of an idea on how it could affect the average household, we will take a Ford Mondeo. The 5 pence on each litre of fuel will add about £2.50 to the cost of filing the normal 50 litre tank. You will also find that owning two cars will also be a financial strain. Those who do own two vehicles will be spending on average £10.62 extra per month.
The President of the AA or Automobile Association Edmund King said: “A weaker pound has contributed around 2p a litre to the price hike, the rest is pure refiner and speculator activity…
He also went on to tell us that wholesale petrol in general has increased by 1 pence a litre. This is blamed on the decreasing US Petrol supplies. The stock markets have been trying to predict what would happen with the fuel prices. These predictions were based on the increased demand in fuel from the Chinese.
“…The past two petrol price surges in Petrol (March and October of last year) ended with wholesale values falling off a cliff. This was as refiners had revved up production to maximize earnings. But this has been at the cost of drivers who have felt the need to cut back on their driving costs.”
These price increases in fuel will mean that drivers more than ever will need to watch how they drive. Remember that you can speak to your Want Driving Lessons instructor or any of the advisers to find out more on cutting those fuel costs and driving in a effective ‘fuel-friendly’ manner.