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£5 to fill up

11 Mar 2008

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Motorists filling up on motorway journeys have been paying as much as £5 a gallon for their fuel after prices continued to set new records.

The AA said prices at Cherwell Valley services on the M40 were recorded at 110.9p for a litre of unleaded, above the 110p threshold for a £5 gallon.

The average price of unleaded petrol in the UK is 106.2p a litre, with diesel 112.7p - compared to 89.02p and 92.29p respectively for the same period a year earlier, the latest figures from the AA showed.

Motorists can expect more pain after oil prices in New York reached a record high of more than 109 US dollars a barrel on Tuesday.

With petrol 17.18p a litre more expensive than a year ago, it is now costing an extra £8.59 to fill up the typical 50-litre fuel tank.

The AA added that the monthly cost of petrol was £18.41 higher than the same period last year.

Much of crude oil's recent rise - up more than 20 US dollars in the past month - has been fuelled by investors seeking a hedge against the dollar's weakness.

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