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Drivers warned to expect rise in fuel prices ‘soon’ as Russia invades Ukraine

Drivers warned to expect rise in fuel prices ‘soon’ as Russia invades Ukraine

Motorists are being warned to expect a surge in fuel prices “any time soon” following Russia’s invasion of Ukraine.

The price of Brent crude oil hit its highest level in eight years after increasing by 5.6% to 102.30 US dollars per barrel shortly after 7am on Thursday.

Average fuel prices at UK forecourts are already at record highs, and the situation is expected to worsen as retailers pass on further rises in wholesale costs.

AA president Edmund King said: “Russia’s attack on Ukraine and resulting geopolitical uncertainty has pushed Brent crude above 100 US dollars per barrel for first time since 2014.

“This will result in hikes in prices at the pumps.

“New record fuel prices are likely any time soon.”

Mr King advised drivers wanting to conserve fuel to consider cutting out short journeys, car-sharing, reducing speeds and driving more smoothly.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 149.30p, while diesel cost 152.68p.

RAC fuel spokesman Simon Williams said the increase in the cost of oil will “inevitably lead to wholesale fuel prices going up, which will in turn push record pump prices even higher”.

He continued: “If the oil price were to increase to 110 US dollars per barrel 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 skyrocket the cost of a full tank to £85.”

Content provided by Radio NewsHub. Originally published on 2022-02-24 09:55:00.

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