- Friday, 9 April 2010Debt management plans could need to be put in place for motorists on a tight budget as petrol prices have surged to record highs.
The average price for a litre of petrol has now hit £1.20 a litre, breaking the previous record set in July 2008.
Moreover, drivers are being further hit by rises in insurance costs.
All in all, research by Sainsbury's Finance has shown that the cost of motoring has risen by 8.6 per cent in just five months.
For those people relying on car travel for transport and on a tight budget, the price increases could tip finances into the red.
Sustainable
debt management could become increasingly difficult.
Adrian Tink, an RAC motoring strategist told the Guardian: "This is a dark day for motorists."
"Petrol prices have been rising steadily over the past year and have now reached the inevitable record high."
Some drivers could be paying even more for petrol as the £1.20 figure only represents the average, as much as £6 a gallon has been reached according to Tink.
Fuel prices in July 2008 prompted protests and it remains to be seen whether the latest hit to motorists' wallets will have a similar effect.
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