London (Platts)--18Mar2011/829 am EDT/1229 GMT
UK diesel and gasoline prices at the pump have risen by 5 pence/liter (2 cents/gallon) and 4.07 p/liter, respectively, over the past month, according to a statement from the Automobile Association Friday. "Average UK petrol prices have risen to a new record of 132.88 p/liter in mid-March, up from 128.81 p/liter in mid-February. Average diesel pump prices have gone up 4.97 pence/liter in the same period, from 134.01 p/liter to an all-time high of 138.98 p/liter," the statement said. AA President Edmund King said the rise in price is adding to hardships for UK drivers. "Some [UK drivers] are breaking under the strain on their own finances," he said. UK drivers saw an additional 3.5 pence/liter increase to road fuels in January this year and are due to see a further 5 p/liter fuel duty increase on April 1. The rise in prices at the pump this month is due in part to the recent rise in crude futures to around $120/barrel, which supported European diesel and gasoline prices. Eurobob gasoline barges FOB Rotterdam rose to their highest ever price since Platts began assessing the product on March 7, at $1,035/mt, while ultra low sulfur diesel barges FOB Rotterdam rose to $1,006.5/mt, the highest price since September 2008, according to Platts data. "Turmoil in the Middle East, with its impact on oil and pump price volatility, is already adding to financial uncertainty for poorer drivers," said King. The AA expect UK road fuel demand to fall as a result of rising fuel prices, although UK fuel suppliers said Friday they had not yet seen this in the marketplace.--Victoria Baghdjian, victoria_baghdjian@platts.comSimilar stories appear in Oilgram News. See more information at http://bit.ly/OilgramNews