Petrol prices set to surge

Motorists are set to face higher prices at the petrol pumps after the cost of oil rocketed to its highest ever level.

The price of New York-listed light sweet crude oil soared to 79.29 US dollars (£39.05) a barrel in trading, breaking the previous record of 78.77 US dollars (£38.79) set last month.

A spokesman for the AA said that while the price hike was not yet being felt on the forecourts, the cost of petrol was likely to surge within four to six weeks.

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