Record petrol prices for years to come

Record petrol prices are likely to remain at current levels for up to eight more years.

With the cost of fuel increasing on a daily basis, there is speculation that prices could reach as high as £1.46.

Future prices of oil, which for the most part are lower than current prices, have also hit a record high of $140 a barrel. This price is being paid for oil to be delivered up to 2016, leading to warnings that petrol prices will stay at record levels for much of the next decade.

A spokesperson for the Environmental Transport Association said: “Prices sustained at this level will radically alter not only our driving habits, but the type of vehicle we choose. Many people will decide they need to be more flexible about the way they travel – the 4 million people who currently use their cars to drive less than 3 miles to work may decide to occasionally cycle.”

“There are small steps drivers can take towards insulating themselves against the uncertainty of fuel costs – our website includes money-saving tips and a guide to the most efficient cars on the market.”

Ford has announced it will cut vehicle production in America by more than it announced earlier this year. It will make the deepest cuts in its SUV and pick-up truck businesses because its customers are increasingly switching to lighter vehicles.

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The ETA is a not-for-profit ethical organisation providing motorists with carbon-neutral breakdown cover and insurance products. As well as encouraging responsible driving to reduce carbon, the ETA campaigns for sustainable transport.