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Price of fuel edges towards record

THE price of petrol at the pumps is back up towards near-record levels, the AA has said.

The increase comes as European refinery profits rose to a five-year high.

Petrol at UK pumps now costs an average of 139.71p a litre – within 3p of the 142.48p a litre record set in mid-April. Diesel now costs an average 143.98p a litre compared with the mid-April record of 147.93p.

Petrol had fallen to a summer low of 130.81p a litre and diesel to 136.12p –both on July 1 – but since then, the cost of a typical 50-litre tank refill has risen £4.45 and £6.29 for an 80-litre commercial van tank.

A two-car family is seeing its monthly petrol costs rise by £18.90.

AA president Edmund King said: "Once again UK drivers find themselves being dragged over a barrel.

"Last week, Government statistics showed that traffic on minor country roads fell by 5%, such was the impact of record high fuel prices on rural communities."

Mr King said there were two Westminster debates on petrol prices this week, following last week's announcement of an Office of Fair Trading investigation into pump prices.

He said: "The [former transport secretary] Justine Greening initiative to introduce a wholesale price track this year and make fuel prices more transparent would have been big step forward, but now it's on hold."

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Automotive

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