NEARLY half of motorists have no idea how much a litre of petrol costs, it has emerged.

The average British driver reckons petrol costs £1.06 a litre that's as much as 17 per cent more than the actual price of about 90p, a survey by AA Personal Loans showed.

In an AAsurvey among 1,700 drivers, estimates ranged from just 69p a litre to as much as £3.

Drivers aged 20-29 were the ones who were most aware of the actual cost of petrol, while those over 60 had least idea.

Just 14 per cent of people correctly priced the cost of a litre of petrol. As many as 45 per cent had no idea at all of the cost.