There was bad news for motorists and indeed all oil users as crude oil reached its highest level in seventeen months. The North American benchmark topped $86 per barrel and North Sea Brent was not far behind at more than $85. Partly as a result of the weaker pound, petrol prices at the pump have now topped £1.20 per litre, the highest on record. The latest increase in petrol taxes, although staggered, increased by 1p in April, which did not help.
Source: RBS Economic briefing dated 15 April 2010