Petrol now tops £5 a gallonAnd average diesel price is £5.48 a gallon

01 May 2008

The average price of petrol has now broken through the £5 a gallon mark for the first time, the AA has said.

Petrol now costs £5.01 a gallon, or 110.22p a litre, with the average price of diesel now standing at 120.51p a litre (£5.48 a gallon).

This time last year the average petrol price was 93.98p a litre, with diesel 95.81p.

Extra costs

The AA added that it now costs £8.12 more to fill a typical 50-litre petrol tank than it did a year ago.

£8.12

It now costs this much more than it did last year to fill a typical petrol tank

Also, a two-car family now pays £34.80 more per month on petrol and the UK is spending £10.8 million extra a day on petrol.

AA president Edmund King said: 'The £5 gallon is just the latest milestone along a miserable road of increasing fuel prices this year.

'With the bank holiday and summer motoring looming, many drivers that get by on a tank of fuel for a couple of weeks will suffer a reality check when they drive down to the seaside or an amusement park and have to fill up along the way.'

Record oil prices

The forecourt highs come in the wake of a series of record oil prices during the past weeks.

Crude neared 120 US dollars a barrel on Monday as a strike at Grangemouth oil refinery in Scotland entered a second and final day. It has since settled back to around 115 dollars on the commodity markets.

But oil prices have risen around 20% from the start of the year, with analysts blaming fears over a US recession and general supply concerns for run.

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