Fuel prices cross record-high milestone for the first time

UK fuel prices have hit a new record high today (28). Petrol and diesel prices passed the “grim milestone” of 150p a litre for the first time, as Russia’s invasion on Ukraine continues to push global fuel prices, stated recent reports.

The average price of unleaded petrol climbed to 151.25p and diesel rose to 154.74p, both record highs, according to RAC data from roughly 7,500 UK petrol forecourts, The Guardian reported.

“It’s truly a grim milestone that no one ever wanted to see,” Simon Williams, the RAC’s fuel spokesperson, said. “This is really going to hurt household budgets.”

Williams warned that fuel costs were likely to increase and could even sail above 160p a litre in the coming weeks – worsening the impact on British living costs. 

The increase will take the overall price of a fuel tank to £85, Williams said, adding that any price rises would cause “untold financial difficulties” for road users.

Howard Cox, founder of FairFuelUK, has also warned drivers of a fuel price rise but has estimated more grim figures.

Warning that “oil will continue to rise”, which in time will affect prices at the forecourts, Cox said costs will jump by an extra 10p in the “immediate future but an extra 30p rise is not out of the question.

Conservative MP Robert Halfon said fuel was now “genuinely going to be unaffordable for most families”, adding: “It isn’t just for motorists, it’s businesses too because they can’t afford transportation costs and this has a huge knock-on impact in terms of prices.”

Since Russia is the world’s second-largest crude oil exporter behind Saudi Arabia, it is feared that Vladimir Putin could respond to western sanctions by restricting supplies.

The development comes as Brit households continue to grapple with increased cost of living. While inflation is at a 30-year-high at 5.5 percent and is expected to touch 7 percent by spring, higher energy costs are also expected to put extra pressure on the families.