Petrol prices soar

23rd February 2012, Comments 0 comments

According to the website of the consumer's collective, United Consumers, the average price of a litre of petrol has risen further and is now more than €1.80.

The price of petrol has risen to record highs recently but this is the first time it has ever topped €1.80. The price of diesel has also risen and is now at €1.499, which is very close to its 2008 record of €1.509.

Prices at the petrol pumps are being driven up by a number of factors including the unrest in Syria and the continuing uncertainty over Iran’s nuclear weapons programme. As the price of crude oil continues to rise, prices at the pumps follow along.

On Thursday, a barrel of Brent crude topped 122 and a barrel of US crude on the futures market hit 106.

Before the 2008/2009 financial crisis, the dollar price per barrel was higher but the value of the euro offset the price. Due to the current debt crisis in Europe, the euro has lost against the dollar and petrol and diesel prices have risen accordingly.

 


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