Motorists victims of speculation, says AA
Posted by Anna Macintyre on Thursday, 19 Jul 2012, 14:55 in UK Motoring
New figures have indicated that petrol prices are starting to rise again after 10 weeks of decline, with speculators being singled out for blame. According to the AA, motorists were paying an average of 132.28p per litre on Tuesday, up from 130.81p on July 1. Crude oil prices have fallen sharply in recent weeks, but renewed political tensions in the Middle East have again pushed the commodity above $100 per barrel. “There has been the increase in the price of crude, what dealers claim is higher demand … But this doesn’t hold water. Petrol sales in the USA have been falling,” said the AA’s Luke Bosdet. “Once again it looks as if motorists are falling victim to market speculators.” Furthermore, industrial action at Norwegian oil rigs has added to the recent rebound in crude prices. In addition, wholesale petrol prices have also increased, climbing from $920 per tonne on June 26 to $1,000 a tonne on July 5. Reuters reported today that next month’s US oil contract was up $1.10 at $90.97 per barrel in this afternoon’s trading session, while London Brent crude for September delivery added $1.76 to reach $106.92.
