Average petrol prices hit record £1.51 per litre

Average UK petrol prices have exceeded £1.51 for the first time following the surge in oil prices after Russia’s invasion of Ukraine.

The typical cost of a litre of petrol at UK forecourts was 150.65p on Saturday and 151.25p on Sunday, according to figures from data firm Experian Catalist.

The average cost of a litre of diesel is also at a record high, reaching 154.69p on Saturday and 154.72p on Sunday.

RAC fuel spokesman Simon Williams said: “The average price of both fuels has shot up by more than 1.5p since Thursday.

“Despite the wholesale market calming slightly at the end of last week as oil fell back under 100 US dollars per barrel, prices at the pump will continue to go up as retailers buy in new stock at much higher prices.

“This week will be an important one in terms of the oil price as it’s likely to reveal the speed of the inevitable upward trend or the extent of the volatility in the market.”

Oil prices reached an eight-year high last week due to concerns over the reliability of supplies after Russian troops entered Ukraine.

This affected wholesale prices paid by fuel retailers.

AA fuel price spokesman Luke Bosdet said petrol hitting 150p per litre is “a milestone that millions of motorists have dreaded”, noting that some forecourts charged only £1 per litre less than two years ago.

He warned that drivers are being hit by “record pump prices, other inflation and tax rises, along with a raft of extra charges implemented or threatened by councils for motoring in city and town centres”.

Long queues at some UK filling stations were reported over the weekend.

Gordon Balmer, director of trade body the Petrol Retailers Association, insisted that “there is no shortage of fuel at UK refineries, and we do not expect any significant disruptions to supply”.

He said: “In recent years, Russian crude oil and liquid natural gas has accounted for just 10% of imports to the UK.

“Norway and the United States combined supply the UK with nearly 25 million tonnes of crude oil and liquid natural gas (per year) while Russia has been supplying the UK with under four million tonnes.”

Many forecourts ran empty in September last year due to panic buying of fuel linked to a shortage of lorry drivers.

Mr Balmer added: “We expect the rise in global oil prices to feed through into UK petrol pumps in the coming weeks, just as it will across the globe.

“Our members will continue to work to keep prices as low as they can.”