Hull: Drivers queue for fuel at Kingswood petrol station
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Latest data from the RAC Foundation shows average petrol prices sitting at 149.42p per litre, an all-time record high cost, following the invasion of Ukraine. Diesel prices are also continuing to increase to prices of 152.83p per litre, with an average 55-litre tank of diesel now surpassing £84.
RAC fuel spokesman Simon Williams said: “Both petrol and diesel reached new record levels yesterday. Unleaded is nearly 149.5p a litre and diesel almost 153p.
“Russia’s actions will now push petrol pump prices up to £1.50 very soon.
“The question then becomes where will this stop and how much can drivers take just as many are using their cars more and returning to workplaces.
“If the oil price were to increase to $110 (£82.20) there’s a very real danger the average price of petrol would hit £1.55 a litre.
“This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would sky rocket the cost of a full tank to £85.
“At $120 (£89.67) a barrel – without any change to the exchange rate which is currently at $1.35 (£1.01) – we would be looking at £1.60 a litre and £88 for a full tank.”
In late October, petrol and diesel price records were broken when petrol rose above 143p per litre and 148p for diesel.
Since then, the prices have continued to rise steadily with global supplies fluctuating.
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When predicting how high fuel prices could rise, Howard Cox, the founder of FairFuelUK, said: “How long is a piece of string?
“Credible indications put £1.60 as the immediate hit and long term, two months, I see £1.70 to £1.80 for petrol and up to £1.84 for diesel as more than likely.”
Drivers have been advised of some frugal ways to cut their fuel costs as prices continue to increase.
Motorists can take any unnecessary weight off their car including bike, roof and ladder racks.
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