Home U.K Drivers to pay record fuel prices as Ukraine crisis hikes oil costs

Drivers to pay record fuel prices as Ukraine crisis hikes oil costs

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The RAC said the average price for a litre of petrol or diesel across the UK on Tuesday was 149.30p or 152.68p respectively. It warned drivers everywhere to expect the “grim milestone” of 150p per litre as retailers pass on rising wholesale costs. 

Simon Williams of the RAC said: “Another new record for petrol and diesel prices. Petrol is sadly creeping ever closer to the shocking landmark of £1.50 a litre. Oil topped $100 a barrel on Tuesday and is very likely to stay there due to the situation in Ukraine, coupled with production still not being able to catch up with growing global demand as we emerge from the pandemic.

“With a tank of petrol costing over £82 and diesel nearly £84, drivers will be wincing every time they fill up. And those on lower incomes who rely on their cars will be starting to suffer.”

The price of Brent crude oil hit a seven-year high of $99 per barrel (£73) on Tuesday due to fears over supplies after Russian troops entered eastern Ukraine.

This fell to $96 (£71) but experts said yesterday it is likely to rise again should there be a full-scale Russian invasion.

Victoria Scholar, of Interactive Investor, confirmed oil prices “entering triple digits is still very much on the cards”.

Western energy giants BP and Shell, who have operations in Russia, are weighing up contingency plans and the impact of sanctions. London-based BP owns nearly 20 percent of Russian energy firm Rosneft.



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