UK Gas Hits $9.19/Gallon and It's Headed Higher
"Unleaded hit an average of 119.9p a litre for the first time ever, breaking the previous July 2008 record of 119.7p. But some forecourts are already charging 131.9p a litre – just a penny short of the £6 gallon ($9.19).
This is a dark day for Britain’s hard-pressed motorists,” said the RAC. And there is worse to come, warned experts last night. A perfect storm of rising wholesale costs, the weak pound and more Government tax hikes will propel fuel costs even higher. Drivers were warned to brace themselves for a 5p-a-litre surge in the next three months, pushing unleaded prices to a 125p a litre average by the summer holidays."
HT: Paul Kedrosky