The slump in the value of sterling since the EU referendum last June is responsible for 5p of the recent increase in the cost per litre of petrol and diesel, new figures from the Liberal Democrats revealed today.
The average price of a litre of petrol has risen by 7p per litre since the referendum. Around a third of that increase is due to the rise in the international oil price. The rest - around 5p - is due to the post-referendum collapse in the value of the pound against the dollar.
This 5p increase works out at £2.50 on a tank of petrol for an average-sized car, or £60 per year for the average motorist.
For hauliers, the impact of the increase in fuel prices is far greater, adding more than £2,200 per year for the average lorry. 85% of everything we buy is carried by truck, so the increase in fuel costs will push shop prices up too.
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