Petrol price at highest level in decade as crisis deepens

PETROL prices have passed 140p for the first time in a decade as the energy and fuel crises bite, the AA has said.

Research by the motoring association showed prices at the pump are now at their highest levels since 2012, as skyrocketing gas prices are also driving up demand for oil.

And schools have warned that they will struggle to keep pupils warm this winter due to surging energy bills.

The AA research showed that petrol prices lept from 135p in mid September to 140p this week, while diesel has shot up from 136p to 143p.

Petrol prices have been rising steadily throughout the year as production has been outstripped by the rapidly growing demand as economies around the globe revive after Covid.

However, the latest petrol spike comes as gas prices have also more than doubled in recent weeks due to a global shortage, causing the commodities markets to predict a rise in oil demand as industries switch over from gas-powered energy.

An AA spokesman said: “The higher pump prices will heap more pressure on the consumer and inflation.”

Meanwhile, it emerged that the surge in gas prices is leaving headteachers facing a crisis in their budgets as they try to keep schools heated this winter.

While many schools are on fixed energy deals, hundreds have flexible tariffs or have deals up for renewal and are facing spiralling heating costs.

Schools in the North East of the country have recently received letters telling them to expect a 50 per cent increase in their energy costs this winter.

The crisis has prompted the National Association of Head Teachers (NAHT) to warn that the rise could “cripple already pressured [school] budgets”.

Paul Whiteman, the general secretary of the NAHT, said: “The Government needs to recognise this and ensure that schools have the funding and resources they need to keep staff and students comfortable and safe.”

Elsewhere, the global supply chain problems had prompted warnings for Christmas shoppers to buy their presents early, with Amazon planning to launch its Black Friday deals campaign on Oct 26 – the earliest ever date.

Internal documents from the online retail giant, seen by The Independent newspaper, said it is planning to urge customers to get their festive shopping done in November to avoid problems in the worldwide supply chain.