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Petrol and diesel prices to leap 20p a litre this week

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Drivers should brace for further pump price rises as the Russian invasion of Ukraine ripples through the economy.

This morning, the price of a barrel of oil hit $130 before reaching $139 later on – the highest level in 14 years.

Petrol prices have now hit 155p a litre, according to The AA.

However, a BP garage in Glasgow was spotted as charging petrol drivers 159.9p a litre while diesel drivers faced a price of 173.9p a litre.

According to the FairFuel UK Campaign, 37 million drivers could see pump prices rocket by 10p to 20p per litre this coming week.

It is calling on the chancellor to urgently cut fuel duty by at least 5p a litre.

The campaign group said: “The extra VAT generated in the last year and the coming months because of the record prices at the pumps is more than enough to give drivers some respite.

“Even considering exchange rate changes since 2014 when the dollar price for a barrel of Brent Oil was similar to current prices, diesel and petrol are 10p to 14p per litre higher now than necessary. For the driver of the average family car that is an eye watering £7.70 more than is both honest and fair.”

It added: “If gas, electricity, water and telecoms get price protection bodies, why shouldn’t motorists have one too? We need ‘PumpWatch’ now, to ensure pricing fairness for both consumers and hardworking fuel retailers too. Most of the profiteering is at wholesale level not by small independent retailers, who are also victims of the greedy fuel supply chain.”

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