Motorists warned to ‘brace themselves for what’s to come’ as record fuel price rises continue

Petrol edged closer to the £1.50 milestone yesterday as motorists were hit with record prices at the pumps for the fourth time this week.

Russia’s invasion of Ukraine has seen the value of a barrel of oil increasing, with those extra costs passed onto motorists at the pumps.

Analysis by breakdown service the RAC shows that the average price of a litre of unleaded petrol hit 149.67p yesterday (February 24), up from 149.43p the day before. Meanwhile, the average price of super unleaded was 161.85p, increased from 161.48p.

Diesel saw a similar price rise, now at an average of 153.05p, compared with 152.83 the day before.

RAC fuel spokesman Simon Williams said: “The average price of both petrol and diesel rose to new record heights for the fourth time this week.

“Unleaded moved ever closer to the grim milestone of £1.50 a litre at 149.67p yesterday while diesel has now topped £1.53 (153.05p) for the first time ever.

“Sadly, more increases are on the way as a result of oil hitting $106 a barrel and the pound weakening, making wholesale fuel more expensive to buy for retailers in the UK. This is the worst possible combination for drivers as it will push already rising prices higher still and worsen the cost of living crisis.

“Drivers need to brace themselves for what’s to come, with many on lower incomes having to make difficult choices as a result of needing to put fuel in their cars.”

Yesterday, the RAC warned: “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 £1.60 a litre and £88 for a full tank.”