European and Asian motorists may have to contend with high petrol and diesel costs for months to come as a rise in crude prices, resurgent fuel demand and taxes drive up prices at the pump to or near record peaks by bozorgmehr _mohi_ LauraSanicola
The jump in road fuel prices comes as countries in Europe and elsewhere are grappling with soaring power prices going into the northern hemisphere winter and could hurtThey are expected to remain elevated as analysts and traders expect the price of Brent crude - the global benchmark - to stay around current levels of about $85 a barrel for the remainder of the year.
A rebound in demand as road traffic returns to pre-pandemic levels is outpacing growth in supply amid low investment in fossil fuels, subdued refinery output and delayed maintenance due to COVID-19 and logistical bottlenecks.in decades in late September, the average price of unleaded petrol at the pump rose to 1.41 pounds this week, near a high of 1.42 pounds hit in April 2012, data from automotive services firm RAC unit Fuel Watch shows.
Some filling stations, like one in London's affluent Chelsea neighbourhood for instance, have almost doubled the price to 2.70 pounds per litre, roughly equivalent to $10 per U.S. gallon. "We already pay 50 billion pounds a year in tax on our motorbikes, cars, vans, and trucks," said Howard Cox, founder of lobby group FairFuelUK. "VED, fuel duty, VAT on duty, insurance tax, VAT on repairs, parts, benefit in kind on company cars etc. That’s nearly 7p in tax for every mile travelled."In Japan, the retail price of petrol rose to 164 yen per litre this week, the highest in seven years, according to the industry ministry’s weekly data.
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