Brexit cost to petrol is 5p a litre rise, say Liberal Democrats

Wednesday, May 10, 2017


Drivers are paying more at fuel stations because of the vote to leave the European Union, according to the Liberal Democrats. 


Research carried out by the party suggests that petrol prices have increased by 7p a litre since June 2016 – and 5p of this is a result of “shockwaves from the referendum vote”. 


The Lib Dems estimates indicate the fall in the value of the pound is adding £2.50 to the cost of a tank of petrol, which works out as an extra £60 a year for the average motorist. 


The people most likely to feel this burden of the rising costs is the Hauliers, with the average lorry now becoming £2,200 a year more expensive to fuel. 


Nick Clegg, said, the Lib Dem’s spokesman on Europe, said: “Theresa May claims that Brexit is going to be a great success. The reality is it’s going to make us poorer. The effects are already being felt. 


“The rise in fuel costs will push up prices in the shops. This means consumers are going to be hit twice – once at the pump and again at the checkout.”


The former Lib Dem leader said that Mrs May’s pursuit of a “wilfully damaging and economically self-harming version of Brexit” by leaving the EU and the single market could make matters worse. 


Luke Bosdet, from the AA’s policy unit said that the Lib Dems’ estimate on petrol price rises was accurate. 


He added: “For much of the year, this is understanding it. There have been long periods since the referendum when the impact of the weaker pound has been significantly higher than 5p a litre.


“If you believe that the weaker pound is down to Brexit, and I think of lot of economists will tell you that, you can conclude that the impact of Brexit has pushed up the price of fuel.”


Mr Bosdet added that the rise in petrol prices will have amounted to a windfall for the Government – with 20% of the 5p a litre going to the Treasury in VAT.

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