Petrol Prices Touch Record High, Pound Slips
Petrol Prices Touch Record High, Pound Slips

Petrol prices have registered their record level in the UK, triggered by climbing energy prices and the weakness showed by the Pound, adding to the pressures on recession-hit consumers.

The price of petrol at the pump touched an all-time record level of 120.1p a liter on Thursday, surpassing the 119.7p a liter level reached in July 2008, revealed Experian Catalist.

The price rise emerges following the cost of a barrel of oil hitting $85 (£55) level, significantly increased from $70 in February, and from the lows of around $30 at the depths of the recession.

Although, the current oil prices are below the record high of more than $147 of the summer of 2008, in the intervening year and a half the depth of the UK recession and pose to be jittery for the future of the UK economy have triggered the pound to squeeze to just above $1.50 level from $2.

Soaring demand for consumer fuels during the economic meltdown, forced oil refiners to close many refineries - marking that the supply of petrol fell sharply.

"The price will have to go up a bit in the next few weeks just to make things viable for the guy at the end of the line", said Arthur Renshaw, a petrol market analyst at Experian Catalist.

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