Petrol prices hit a record high this year

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Petrol prices have risen to their highest level of the year, according to the AA, and they look set to continue.

The average UK price for petrol at the pumps is now 107.14p a litre.

The previous highest average high this year was 107.03p a litre on September 9.

Diesel is also at its highest price of the year - averaging 108.40p a litre, the AA reported.

While there had been a gradual decline since last year's fuel crisis, with UK petrol prices falling to 104.97p a litre by October 11 and with diesel at 105.96p, they have started to climb again.

In terms of how much this equates for a tank of fuel, it means that filling a tank of petrol now costs on average nearly £1.10 more than it did just two weeks ago.

An AA spokesman said: “Diesel has hit its highest point of the year. With the recent rises in fuel duty and the recession, families will have to cut costs elsewhere if they are to continue to run the family car.

"The price of oil is being pushed up by speculators again as international money gets switched from currencies into commodities like oil."

The RAC also chipped in, saying that the Government should help drivers by keeping VAT on fuel at its existing level.

Philip Gomm, from the RAC Foundation, said: “The average family spends about 15% of its income on motoring.

“And remember, things will get worse in January when VAT goes back up to 17.5%.”

The fuel price warning came on the same week that BP announced profits of more than £1billion per month.

If the price of crude oil continues to rise, Britain could see its highest ever fuel prices over the Christmas holiday period.