Home U.S Elderly drivers could see £221 pension increase wiped out by petrol prices,...

Elderly drivers could see £221 pension increase wiped out by petrol prices, shows analysis 

66
0


Elderly drivers could see this year’s pension increase of £221 wiped out by soaring petrol prices, shows analysis

  • State pension will rise by £221 after Government ditched ‘triple lock’ guarantee
  • But analysis shows motorists face spending an extra £230 on petrol or diesel
  • Average prices at pumps have risen by around 29p a litre since last February
  • Groups warned pensioners may have to cut back on heating for their car costs


Elderly drivers could see this year’s pension increase wiped out by soaring petrol prices, according to analysis out today.

The state pension will rise by just £221 in April – well below inflation – after the Government ditched its ‘triple lock’ guarantee.

But analysis by the Labour Party shows motorists face spending an extra £230 on petrol or diesel because of the soaring cost of fuel.

Average prices at the pumps have risen by about 29p a litre since last February, and prices are set to climb further following Russia’s invasion of Ukraine.

The state pension will rise by just £221 in April after the Government ditched its'triple lock' guarantee. But analysis shows motorists face spending an extra £230 on fuel (stock image)

The state pension will rise by just £221 in April after the Government ditched its ‘triple lock’ guarantee. But analysis shows motorists face spending an extra £230 on fuel (stock image)

The analysis found the average pensioner uses 794 litres of fuel a year. If prices remain at least 29p a litre higher, their yearly fuel bills would rise by £230.

Motoring groups said it could force the most hard-pressed pensioners, many of whom rely on their cars for shopping or getting to critical medical appointments, to cut back on heating or eating just to keep their cars running.

Pensioners on fixed incomes are among the most vulnerable to rising prices and have little protection as the cost of living soars.

Labour’s transport spokesman Louise Haigh said: ‘This is a savage extra cost for millions of pensioners already facing the largest real terms pension cut in decades. 

‘Energy giants are raking in billions and the Tories have chosen to put them before those being crippled by soaring prices.’ 

The oil giant BP made a profit of £9.5billion last year and Shell made £14.2billion.

Analysis found the average pensioner uses 794 litres of fuel a year. If prices remain 29p a litre higher, their yearly fuel bills would rise by £230. Pictured: A Shell petrol station near London Bridge on Tuesday

Analysis found the average pensioner uses 794 litres of fuel a year. If prices remain 29p a litre higher, their yearly fuel bills would rise by £230. Pictured: A Shell petrol station near London Bridge on Tuesday

The AA’s Luke Bosdet said: ‘These hikes in fuel prices and other motoring costs can place a particularly heavy burden on pensioners who rely on their cars for shopping, visiting friends and family and doctor or hospital appointments.’

In April pensioners are expected to be hit with the biggest cut to their state pension – in real terms – for 50 years.

It will rise by 3.1 per cent, far less than the 7.25 per cent rate of inflation forecast by the Bank of England. That means a cut of £7.45 a week, or £388 a year.

The triple lock was designed to ensure the state pension increased each year by the highest of either earnings, inflation or 2.5 per cent.

But Rishi Sunak suspended the earnings link for April, so pensions will rise by the September inflation figure, which was 3.1 per cent.

Advertisement

Previous articleChernobyl Plant Is Unharmed Despite Russian Invasion of Ukraine, Scientists Say
Next articleLittle People fans claim Audrey & Jeremy Roloff are having ‘marriage issues’ as they notice ‘telling clue’ in new video

LEAVE A REPLY

Please enter your comment!
Please enter your name here