Speculating to accumulate

Petrol will soon be 7 pence more a litre more expensive after speculators have driven up the price of oil with the cost being felt at the pump by motorists.

President of the AA, Edmund King, said: 'UK families remain hostage to fuel price movements that buck traditional trends, and oil prices that don’t even make sense to experts in the market.

'It’s time the Government asked questions and, at the very least, introduced transparency into the oil, wholesale and retail markets. Why? Because the consumer is clearly being put through the wringer to line someone else’s pocket.

'Earlier this week the Transport Secretary suggested that railways have become a ‘rich man’s toy’. At the rate we are going with fuel prices, the car will not be an option for the ‘poor man’ either.'

At a time when crude oil has dropped in price from a peak of $127 a barrel in May to around $115, the weakness of the pound has added 2 pence a litre at the pump.

This means an extra £1 to the cost of filling up the average tank of petrol.

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