Fleets are being warned to expect fuel prices to continue rising after Russia invaded Ukraine sending the price of a barrel of oil soaring past $100.
The price of oil topped $103 a barrel, with Russia the second biggest exporter of crude oil, leading to warnings from the RAC that UK petrol prices are set to rise further.
The UK only gets 6% of its crude oil and 5% of its gas from Russia, but there are concerns sanctions could constrict supplies and drive-up prices worldwide.
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,” said RAC fuel spokesman Simon Williams.
“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,” added Williams.
“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.”
Photo by Dawn McDonald on Unsplash
