UK petrol prices hit record high of 148p per litre

Average UK petrol prices have surpassed 148p for the first time, according to new figures.

The AA said that petrol jumped to 148.02p per litre on Sunday, rising above the previous record high of 147.72p from November 21 last year.

Meanwhile, the cost of diesel has also increased to a new record high of 151.57p per litre, which it struck last week.

On Thursday, it passed the previous record set on November 20 of 151.10p a litre.

Luke Bosdet, the AA’s fuel price spokesman, said: “The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases.”

Prices have soared on the back of wholesale fuel prices, which have jumped amid a resurgence in demand following the reopening of global economies, but have also been spurred in recent days by concerns that Russian tensions could have an impact on supply.

On Monday morning, Brent crude oil prices surged to a new seven-year high of more 95.40 US dollars per barrel.

RAC fuel spokesman Simon Williams said: “Petrol has unfortunately hit a frightening new high of 148.02p, which takes filling a 55-litre family car to an eye-watering £81.41.

“With the oil price teetering on the brink of 100 dollars a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks.

“The oil price is rising due to tensions between Russia – the world’s third-biggest oil producer – and Ukraine, along with oil production remaining out of kilter with demand as the world emerges from the pandemic.

“As a result, drivers in the UK could be in for an even worse ride as pump prices look certain to go up even more.”