The average price of petrol has topped 152p a litre for the first time ever while diesel has also reached another record price.

The average unleaded petrol price hit 152.20p a litre on 2 March 2022 – up from 151.67p a day before

Latest data from the RAC reveals the average unleaded petrol price yesterday (2 March 2022) hit 152.20p a litre – up from 151.67p a day before.

Meanwhile, diesel rose to a new record of 155.79p – up from 155.23p – and will very soon exceed 156p.

With Russia showing no signs of calling off its invasion in the Ukraine, further pump prices seem inevitable now.

RAC fuel spokesman Simon Williams said: “What drivers pay at the pumps in the UK is determined by the cost of oil and the exchange rate as fuel, like oil, is traded in dollars. So with the barrel soaring past $117 to hit a nine-year high and the pound only worth $1.33 further price rises are inevitable in the coming days and weeks.”

He also warned that with a period of record high prices likely to last for some considerable time, drivers may need to take steps to keep their costs under control.

“Driving less may be an option for some, but those who depend on their cars will have to try to buy their fuel at the best possible price and then drive as fuel efficiently as possible.”

The warning comes from the RAC as it published fuel price data for February. Its analysis of RAC Fuel Watch data reveals the February increase in the average price of petrol was the fastest since a new monthly record was set last October. A litre of unleaded ended last month at 151.16p, up from 146.62p at the start.

Drivers of diesel vehicles witnessed even larger increases at the pumps, with a litre going up 4.76p to finish February at 154.75p, a new record high price and the seventh largest monthly price increase on record.

The RAC said the decision by Russia – the world’s second biggest oil-producing nation – to invade Ukraine was primarily to blame for the continued oil price increase but even before the conflict oil output was lagging behind worldwide demand, which is building as the coronavirus pandemic wanes.

On the plus side, the RAC’s analysis suggests retailers’ margins, which were dramatically inflated at the end of 2021, are now back to more normal levels. During February, the average margin was 8p for each litre of petrol and just under 6p for each litre of diesel, compared to 16p and 12p respectively during December.

Simon Williams said: “We know from RAC research that eight in 10 drivers would struggle to get by without their cars and that the pandemic has made access to a car even more important than ever, but the exorbitant cost of filling up may force people to cut down on non-essential journeys to save money.”

He added: “The RAC is now calling on the Treasury to look at an emergency, temporary cut in the VAT rate levied on fuel to ease some of the pain drivers are facing and to better protect them from upcoming rises.”

To access the RAC’s tips on saving fuel, click here.