FUEL FATCATS HIT THE HOLS

Prices soar ahead of getaway

MOTORISTS face more fuel misery as greedy oil companies “exploit” families filling up for their summer holiday.

Fuel prices have hit their highest in four years after petrol and diesel shot up an average of 1p per litre last month despite falling by 2p just weeks earlier.

But the RAC warned there is more to come in the fuel price roller coaster.

According to the Office for National Statistics, the hike in July left drivers spending an extra £7.50 on unleaded fuel to fill a 55-litre tank than the same month last year and £8.77 more for diesel users.

RAC spokesman Rod Dennis said: “The roller coaster effect of rising and falling prices that drivers will have witnessed in recent months is certainly in full swing.

“The volatility of the price of a barrel of oil, and in turn wholesale fuel prices, makes it difficult to determine where prices might go next.”

The average price of unleaded fuel at the end of July was 128.8p and diesel 131.9p with supermarkets imposing the biggest hike, effectively cancelling out earlier reductions.

Howard Cox from campaign group FairFuelUK blasted the oil companies. He said: “Our supporters see spikes of pricing hikes around the school holiday periods, with oil companies deliberately exploiting the captive market of families travelling to their holidays.”

FairFuelUK research found that 95% of road users believe oil bosses operate a cartel while 57% blame supermarkets.

There is also a fear that the Treasury could lift the freeze on fuel duty which has been 57.95p per litre since 2011, in order to raise money for the NHS.

Tory MP Robert Halfon said: “Yet again, motorists are being taken for a ride by greedy oil fatcats, fleecing hard-pressed drivers.

“The price of fuel impacts on every part of out economy.”