Price of unleaded could hit 150p in the next few days with diesel approaching 154p: RAC
The Russian invasion of Ukraine could push the price of unleaded in UK forecourts above 150p in the next few days while diesel approaches 154p, the RAC has warned.
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 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 150p in the next few days and diesel approaching 154p.”
Fuel prices have already hit new record highs on Sunday 20 Feb 2022 with petrol climbing to 149.12p and diesel 152.58p. On Monday petrol averaged 149.03p and diesel 152.51p.
“Petrol has hit yet another unfortunate landmark by topping 149.12p a litre. This means it costs £82 (£81.95) to fill up a 55-litre family car. Diesel is also a new record high of 152.58p, making a full tank nearly £84,” Mr Williams said.
“The unrelentless rising price of fuel is hurting households up and down the country, furthering the cost of living crisis. Businesses are also be suffering with diesel reaching new heights.
“While the price of oil is still close to $100 a barrel wholesale fuel prices don’t merit further retailer rises across the board at the pumps. We realise that smaller retailers who don’t buy fuel as frequently will be hit by higher wholesale costs but the biggest retailers who buy all the time shouldn’t currently be increasing their forecourt prices. We urge them to play fair with drivers at this difficult time.
“Tension between Russia and Ukraine is still weighing heavy on the oil price but there is now a glimmer of hope that more oil may come on to the market from Iran due to a possible nuclear agreement with the US to end sanctions.”