Oil prices increased on Tuesday to their highest level since September 2014 due to concerns over the reliability of supplies.
22 February 2022
Motorists are being warned to expect petrol prices will hit the “grim milestone” of £1.50 per litre after Russian troops entered eastern Ukraine.
Oil prices increased on Tuesday to their highest level since September 2014 due to concerns over the reliability of supplies, with Brent crude exceeding 99 US dollars a barrel.
This is likely to lead to an increase in fuel prices as retailers pass on the rise in wholesale costs.
Fuel prices are already at record highs.
Figures from data firm Experian Catalist show the average price of a litre of petrol at UK forecourts is £1.49, while diesel costs £1.53.
RAC fuel spokesman Simon Williams said: “Russia’s decision to invade Ukraine is already causing oil prices to rise and will undoubtedly send fuel prices inexorably higher towards the grim milestone of £1.50 a litre.
The price of oil is likely to go above 100 US dollars and stay there on the back of traders fearing future disruptions in supply.
“This spells bad news for drivers in the UK struggling to afford to put fuel in their cars.
“With retailers quick to pass on any wholesale price rises they experience, we could sadly see the average price of unleaded hit £1.50 in the next few days and diesel approaching £1.54.”
