Petrol prices to surge

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

The price of New-York-listed light sweet crude oil soared to 79.29 US dollars a barrel in trading today, breaking the previous record of 78.77 US dollars 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.

Increases in petrol prices would hit motorists hard, coming at a time of year when fuel usage is traditionally higher, as car headlights are switched on more in autumn and winter, said the AA.