Fuel prices hit a record high

Things have been looking increasingly dismal for drivers over recent months when it comes to petrol prices, and for many the rising cost of petrol has caused real financial problems, making it difficult for some motorists to actually afford to run their cars. However, things have now got even worse as a result of prices at the pumps reaching record highs of £1.20.

In July 2008 the soaring cost of oil saw petrol prices reach new highs at the pumps, but the latest prices have now surpassed those seen in 2008. The prices reached their record high just days after the first of three one penny price hikes was added as part of the fuel duty hike, with the other increases due to come in October and January of next year.

Whilst the Chancellor of the Exchequer, Alistair Darling, was hoping that staggering the three pence fuel duty hike would help drivers by avoiding a sudden sharp increase in already high petrol prices drivers have still been hit with the highest prices on record, and things could get worse before they get better due to the rising cost of oil and the weak pound.

Officials from the motoring group the AA said that it was difficult to predict where things would go, as it could depend on a number of factors including how the pound reacted to the general election, which is due in May, and the impact of any tax changes that followed on from the election.

Another industry official stated: “The things that have really put the cost of petrol up more recently has been the fact that our currency has been weaker against the dollar, and that’s actually had a bigger impact than the duty itself. In 2000, the fuel tax was 73.5%. And now, it’s running at about 60%. So tax on fuel, as a percentage, is actually lower at the moment.”

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Recent revelations from energy satisfaction survey

The big six energy firms in the UK have faced controversy for quite some time, with problems relating to customers service and billing, inaccurate prices, and of course in relation to the huge price hikes enforced, with two rounds of price increases having taken effect over the space of this year. Many households are facing fuel poverty, with officials claiming that since the start of this year gas bills have increased by over 50% and electricity bills by close to 30%. Read more

Tags: energy prices, research, satisfaction tables, energy, Consumer Focus, oil, petrol, satisfaction

Energy prices continue to put strain on finances

Over recent months being in charge of the household finances has become an unenviable task, as most households have found that their budgets have been overstretched, making it very difficult to make ends meet. A number of factors have contributed to these financial difficulties, such as rising borrowing costs, tighter credit conditions, soaring petrol prices, rocketing food prices, and increasing bills. And, as has been the case quite often over the past few years, it is energy bills that are causing major problems when it comes to most household budgets. Read more

Tags: suppliers blaming increases, energy hikes, Energy crisis, energy prices, drop, petrol, price, cost

Gas bills set to rocket

According to a recent warning from energyhelpline.com gas bills are set to soar over the coming months for UK families, with annual bills set to rocket from an average of £600 a year to £1000 a year. Gas and electricity prices soared earlier this year after wholesale energy prices went up, so families have already been hit hard by energy bill hikes, in addition to rises in the cost of food, petrol, and other bills such as water and council tax. However, officials warn that things are set to get much worse.
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Tags: average electricity bill, food, course, Wholesale, gas bills, energy, electricity