The 1p litre rise today is not the end of the story. There is another three quarters of a penny increase due on January 1st and at the same time VAT will jump to 20%. Also we already know that in the next financial year the price will be increased again by 1p above the rate of inflation. And all this is without taking into account any future hikes in the underlying price of oil. Put together these rises mean the cost of filling the tank of a family car going up by close to £3.
The coalition government talked much about the possible introduction of a fuel stabiliser to limit the financial pain but talk of that seems to have gone rather quiet.