Total cost of motoring falls despite higher petrol costs
Mon 19 May 2008
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The total cost of motoring fell 4% from January 2005 to April 2008 in real terms despite a 21% rise in the cost of petrol and oil according to a Parliamentary Answer by the Transport Minister Jim Fitzpatrick.
Responding to a question from Greg Knight MP, Mr Fitzpatrick said that the total cost of motoring - including the cost of car purchase, fuel, maintenance and insurance - fell 4%, after inflation is taken into account, mainly driven by the significant drop (20%) in the average cost of buying a car. The real terms cost of tax and insurance fell by 6 per cent., the cost of maintenance rose by 5 per cent., with the cost of petrol and oil rising by 21 per cent.
The figures were drawn from the Retail Prices Index, published by the Office for National Statistics, which measures changes in the costs of motoring.
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