Petrol price predictions to 2009

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Last week petrol prices reached a 20 year high across the country (109.8p per litre) and the average cost of filling up a tank soared to £61.

But things are set to get worse. Petrol prices are predicted to reach their highest ever level at £1.50 per litre by 2009, meaning motorists pulling onto forecourts will be forking out £84 on average to fill up their cars.

Consumers will be facing annual petrol bills of £2,637 a year - 14% of the average net salary in the UK of £19,167.98. The Government will reap 63% of the pump price through duty and VAT.

With petrol prices currently at a 20 year high of 109.8p per litre, British motorists are currently forking out more than £61 each on average to fill up their tanks. This is a 25% (£12.27) increase since 2007 when a full tank cost £49.22 (87.9p per litre).

However, new analysis by uSwitch.com, the independent price comparison and switching service, reveals that things could be about to get far worse with the cost of filling up predicted to hit an all time high of £1.50 per litre in 2009. This is a further 37% increase in petrol prices.

uSwitch.com analysis reveals that motorists could then expect to pay £84 each time they need to fill up - £2,637 a year. This represents an annual increase of £706.61 for each motorist and is equivalent to 14% of the average 2009 predicted net salary of £19,167.98 (£25,189.84 gross).

The predicted hike will fuel more misery for consumers who have already seen essential bills rise £1,783 this year. The biggest rises alongside petrol are energy bills (up 13% or £1,114), food (up 11% or £324) and mortgages (up 9% or £1,020).

Ann Robinson, Director of Consumer Policy at uSwitch.com comments: "Unfortunately the outlook for drivers is bleak... and as a direct result of these price hikes, it would be no surprise to see more motorists leaving their car at home and using other methods of transport. However, drivers who are reliant on their cars for business or live in remote areas will be hardest hit – for them, leaving the car at home is not an option."

Petrol prices are predicted to increase a further 37% by next year but have already rocketed by 216% since 1988 when fuel was just 34.7p per litre.

Increase in petrol prices and average cost for typical drivers:

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