Petrol and diesel prices have hit further new highs on the back of Russia’s invasion of the Ukraine and the RAC has warned that petrol pump prices will hit £1.50 a litre soon. 

If the oil price was to increase to $110 there’s a very real danger the average price of petrol would hit £1.55 a litre

Yesterday (23 February) saw new records set for both petrol and diesel pump prices, reaching nearly 149.5p and 153p respectively. 

RAC fuel spokesman Simon Williams said: “Russia’s actions will now push petrol pump prices up to £1.50 very soon. The question then becomes where will this stop and how much can drivers take just as many are using their cars more and returning to workplaces.” 

 He added: “If the oil price was to increase to $110 there’s a very real danger the average price of petrol would hit £1.55 a litre. This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would sky rocket the cost of a full tank to £85. At $120 a barrel – without any change to the exchange rate which is currently at $1.35 – we would be looking £1.60 a litre and £88 for a full tank.” 

 RAC data shows long-running pump records were set in April 2012 at 142.48p for petrol and 147.93p for diesel. These were first broken in late October when petrol hit 142.94p and diesel reached 147.94p.   

Records were then set on a daily basis until late November when petrol hit 147.72p and diesel 151.10p. Prices then stayed static until the middle of this month and since then we have had almost daily new records.   

The RAC has a number of tips to help drivers save fuel.   

Williams summarised: “In short, the best advice is to always know the average price by looking here and buy as far below as you can. Usually this will be at a supermarket but there are also lots of independent retailers who pride themselves on having good prices.”