Petrol prices hit new record high

Fuel prices have hit a new record high as the cost of oil soars due to Russia’s invasion of Ukraine.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts was 151.67p on Tuesday, up from 151.16p on Monday.

The average cost of a litre of diesel is also at a record high, reaching 155.23p.

RAC fuel spokesman Simon Williams warned prices could increase further after oil prices continued to rise on Wednesday.

He said: “The sudden 10 US dollars (£7.50) jump in the oil price on Tuesday to 113 US dollars (£85) a barrel is likely to take the average price of petrol towards 155p a litre and diesel to 160p, particularly as it’s looking like this price isn’t just a market blip caused by the US and allies deciding to dip into the strategic oil reserve.

“If oil does stay at this level, the journey to an average unleaded price of 155p may be far too quick.”

AA fuel price spokesman Luke Bosdet said: “Pump prices will continue to go up but the commodity value of petrol is not rising at the rate of oil.

“That is giving drivers a less rough ride from the surge in oil prices.

“The surge could also start to fall back – as it did last week.”

Published: 02/03/2022 by Radio NewsHub