Petrol prices 'may hit £2 at pumps'

Petrol prices could jump to a record £2 per litre if instability in Libya continues to escalate, the Government has warned.
Former oil trader Alan Duncan, now the UK International Development Minister has warned that the price of a barrel of crude oil could hit $200, significantly more than the current record high of $147 that was seen in July 2008.
Mr Duncan said in an interview with The Times newspaper, ‘I've been saying in Government for two months that if this does go wrong, £1.30 at the pump could look like a luxury.
'$200 (USD) is on the cards if anyone is reckless and foments unrest.
‘It could be very serious. If crude oil doubles, [we're] going to have a serious spike [in petrol prices]. Try living without it for a week.’
The impact of such a rise in petrol prices could have a devastating impact on all areas of the British economy. Of course, commuters will face even further costs in getting to and from their place of work, but the real impact will be seen in other areas; the additional costs of items on the supermarket shelves, further tightening of the Government’s public spending budgets across areas such as the emergency services which run fuel-dependant services, travel costs on public transport and so on.
From an individual perspective, there are many ways in which drivers can try and reduce their fuel consumption:
- Pump up your tyres - under inflated tyres makes your car work harder and use more fuel
- Streamline your car - remove external racks when not required for less drag
- Get your car serviced - if you haven’t, it’s less likely to be operating at its most efficient.
- Empty your boot - carrying unnecessary weight makes the car less efficient
- Good value car Insurance: OK, not exactly a petrol saving tip, but still a great way to cut motoring costs!
However, at the end of the day we must all take note and be thankful that although the current difficulties we may be facing as an economy and an import-dependent country are significant, they pale into comparison against the plight of the Libyan people, currently living in the midst of a civil war.


So let’s take stock, and look on the Brightside – in true British fashion, we must keep calm, and carry on.

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