Russian invasion expected to further push up oil prices

Petrol and diesel prices have once again reached new record levels this week at 149.5p and nearly 152.68p 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.

“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.”

The long-running records set in April 2012 were: petrol – 142.48p; diesel -147.93p.

These were first broken in late October: for petrol – 142.94p on 24 Oct and on 31 Oct 147.94p for diesel.

Records were then set on a daily basis until 21 Nov when petrol hit 147.72p and diesel 151.10p on 20 Nov.

These stood until 13 Feb when petrol went to 148.02p and diesel 151.57p.

We then saw prices climb further, almost daily, until petrol topped 149p on Sunday 21 Feb – petrol: 149.12p and diesel 152.58p.

Since then the UK has seen almost daily new records.

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