Petrol prices continue to soar

LONDON (ShareCast) - Petrol prices continue to soar as the cost per litre once again leapt 5.0p in the space of a month, according to the AA.

It now costs £95.96 to fill up a 70-litre tank, almost £4.0 higher that it did in December. The increase marks the third rise of that amount in the space of a year.

Diesel rose 3.96p per litre to 143.96p, putting the cost of a full tank at £100.77.

The increase is being blamed in part on a weakening of the pound because it affects the cost of importing fuel.

AA President Edmund King said: "A weaker pound has probably contributed around 2p a litre to the increase, but the rest is pure refiner and speculator activity."

The organisation added that motorists could well respond to the increases by reducing the amount of driving they do, something that was seen following the 5.0p rises back in March and October 2012.