Petrol and diesel prices have set new records at UK forecourts, bringing further pain to motorists.

The oil price is rising due to tensions between Russia and Ukraine, and the RAC says pump prices look certain to go up even more

RAC data reveals that petrol hit a new record high on Sunday (13 February) when the average price of a litre topped 148p for the first time ever, to hit 148.02p. The previous high price was set in late November at 147.72p.

Diesel has also reached a new all-time high at 151.57p – equating to £83.36 for a full tank of fuel.

The RAC had warned earlier this month that storm clouds were “gathering” for fuel prices after oil prices hit their highest price for more than seven years, pushing wholesale fuel prices up again and inevitably impacting forecourt prices.

It had also said February would be a big test of pricing transparency for retailers. While forecourt prices had become fairer in January after retailers had absorbed some of the wholesale increases, its data for December revealed that retailers had substantially increased their profit margins.

Commenting on the current record highs in fuel prices, RAC fuel spokesman Simon Williams said: “Petrol has unfortunately hit a frightening new high of 148.02p which takes filling a 55-litre family car to an eye-watering £81.41. With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks.

“The oil price is rising due to tensions between Russia – the world’s third biggest oil producer – and Ukraine, along with oil production remaining out of kilter with demand as the world emerges from the pandemic. As a result drivers in the UK could be in for an even worse ride as pump prices look certain to go up even more.

“On a positive note, retailer margins – which were the reason drivers paid overly high prices in December and January – have now returned to more normal levels of around 7p a litre. We urge the big four supermarkets, which dominate fuel sales, to play fair with drivers and not to make a bad situation on the forecourt any worse by upping their margins again.”

Already, small businesses have spoken out about the impact on their operations.

Jez Lamb, founder of the Wirral-based craft beer marketplace, Beers @ No.42, said: “Delivery vans don’t run on fairy dust and we’re being absolutely hammered right now. As a business that ships throughout the UK, we rely heavily on the courier network, which will inevitably pass on the rising fuel prices in what is termed the “fuel surcharge”. The big question is, do we pass that on to our own customers? Wherever we can, we try to absorb these costs as much as we can but margins are being squeezed everywhere. Something has to give and unfortunately smaller businesses, as ever, are the ones to suffer.”

And Adam Bamford, co-founder at Derby-based corporate gifting company, Colleague Box, commented: “Fuel increases just add to the avalanche of price rises we’ve seen recently. In a few quick months we’ve gone from pushing the business to be consistently profitable to striving to break even. Next stop on the seemingly endless road of pain is the National Insurance increase.”