MOTORISTS ARE being warned petrol prices are now certain to pass £1 a litre over the next few days as Hurricane Katrina has wiped out many of the oil refineries on the US Gulf coast, reports the Guardian .
A possible increase in European petrol prices is signalled as US oil companies yesterday bought up 20 shiploads of European petrol and the wholesale price of petrol on the Rotterdam spot market soared to a record of $855 a tonne or more than $100 a barrel – climbing 20% in two days. Prices yesterday stood at around 92p a litre for unleaded and 96p for diesel but the Petrol Retailers Association is predicting that will have risen at least another 10p by Monday. Such comments also follow a speech by US president George W Bush in which he said residents would need to conserve energy as t...
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