Petrol price hits record at over 137p a litre

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The price of petrol has reached a new record high, putting more pressure on the Chancellor to cut fuel duty in the upcoming Budget.

The average cost of a litre of petrol has risen to 137.44p, topping the previous all-time high of 137.43p a litre in May 2011, the AA said.

Diesel is also up to 144.67p a litre, which is another new record.

AA president Edmund King said: “This new record for petrol and diesel just confirms what every family and business knows – fuel prices are hurting them badly and there seems no stopping them.

“We have asked the Chancellor to do what he can to protect the UK economy from fuel market volatility and record high prices which are stemming growth.”

It is now costing drivers around £3.45 more than it was a year ago to fill a typical 50-litre tank with petrol, and about £12.30 more compared with two years ago.

Shadow Treasury Minister Cathy Jamieson said: “These record petrol prices come at a time when hard-pressed families are already being hit hard by tax rises and spending cuts that go too far and too fast.

“We need to see urgent action from George Osborne in the Budget to ease the squeeze and boost jobs and growth.”

Friends of the Earth’s policy and campaigns director Craig Bennett said: “Fuel duty cuts are not the solution. With oil prices hikes set to continue we need a fresh approach to give us a transport system we can all afford.”

Alternative solutions included more electric vehicles and better public transport, he said.