We all celebrated when the oil prices depreciated for the latter part of last year. In fact, motorists even forgot the alternative means of fuel like electric cars since they found no need to shift their attention to them. But now, it looks like people will start looking at them once again as the fuel prices are slowly going up once again.
AA president Edmund King said: “After the dramatic drops in pump prices at the end of last year, it may seem unreasonable to criticise the new rise in prices, particularly when current prices are way below those in February 2008.
“However, the global economy is in recession, the price of oil is 40 per cent lower than when petrol cost 90p a litre in March 2007, and the pound has strengthened in recent days.
“Recent changes in the exchange rate have had an impact on fuel prices but we aim to keep prices as low as possible. Though we price locally we do set an upper limit on fuel prices. “We price our petrol competitively and review it regularly to ensure customers get the best possible value.”
(Source) The Press
Tags: electric cars, exchange rate, fuel prices, global economy, motorists, oil prices, price of oil, recession
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