Petrol price still threatens to top average of £1.50 a litre

Average petrol prices were yesterday less than a penny away from reaching the grim milestone of £1.50 a litre.

Industry figures showed the fuel hit a record 149.12p a litre on Sunday and is likely to top £1.50 by the end of the week.

It has never hit the milestone before. Filling up the typical 55-litre tank in a family car with unleaded now costs nearly £82.

Average petrol prices were yesterday less than a penny away from reaching the grim milestone of £1.50 a litre (stock photo used) 

Average diesel prices also set a record at the weekend, hitting 152.58p a litre, making a full tank nearly £84.

The RAC’s fuel guru, Simon Williams, said: ‘The unrelenting rising price of fuel is hurting households, furthering the cost of living crisis.

‘Businesses are also suffering with diesel reaching new heights.’

Prices look set to surge further if Russia – the world’s third biggest oil producer – invades Ukraine, with any resulting Western sanctions potentially pushing up prices. 

Growing demand amid economies reopening as the pandemic subsides has also been blamed for the price rises, along with less competition between forecourts run by supermarkets.

Industry figures showed the fuel hit a record 149.12p a litre on Sunday and is likely to top £1.50 by the end of the week

Some forecourts are already charging more than the nationwide average for petrol and diesel, particularly motorway service stations.

Prices have surged over the last few weeks, with several new records being set.

Meanwhile retailers fleeced motorists over Christmas and New Year after wholesale prices fell by around 10p a litre but only about 2p of this was passed on at the pumps.

Mr Williams added: ‘While the price of oil is still close to 100 US dollars 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.’