Motorists warned ‘Russia’s actions will push petrol past £1.50 per litre’
Warning comes as petrol prices hit new record highs yesterday.
Motoring groups have warned that average petrol prices will soon jump above £1.50 per litre as a knock on effect of the Russian invasion of Ukraine.
Sources reported a new record high of an average of 149.5p per litre of petrol and almost 153p per litre for diesel, with every indication being that this will continue to rise.
In October 2021, record prices that had stood since 2012 were broken, with new records set daily until mid November. There was a slight reprieve for motorists over Christmas and the new year, but on February 13 new records were set once more, and prices have continued to rise.
RAC fuel spokesman Simon Williams implied that prices will continue their upward trajectory, saying: “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 was to increase to $110 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 a barrel – without any change to the exchange rate which is currently at $1.35 – we would be looking at £1.60 a litre and £88 for a full tank.”
Erin Baker, editorial director at online car marketplace Auto Trader, said: “Yesterday, the cost-of-living crisis hit new lows as fuel prices reached record highs. With little to no indication of when they’ll fall, it’s reason enough to look at the fuel efficiency in your current and next car.
“Electric vehicles are a great option to keep daily running costs down, but the upfront cost of them is still a barrier for many.”
Concerns over the reliability of supplies after Russian troops entered eastern Ukraine saw the price of Brent crude oil hit a seven-year high of $99 on Tuesday. This dropped to $96 on Wednesday but is expected to increase again following this morning’s invasion.
