Fuel prices hit record high as Russia sanctions bite

A tanker makes a delivery at a petrol station (File photo)
PA Wire
Daniel Keane10 March 2022

Fuel prices have surged to a record high as the Russian invasion of Ukraine continued to drive up global oil prices.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Wednesday was 159.6p.

It marks an increase on Tuesday’s figure of 158.2.

The average cost of a litre of diesel reached a new high of 167.4p on Wednesday, up from 165.2p on Tuesday.

Distributors have warned that rising fuel costs will impact food bills and intensify the cost of living crisis in the UK.

The Federation of Wholesale Distributors told the BBC that food price inflation would be worsened by the rise in fuel costs.

Oil prices have soared amid concerns over the reliability of supplies due to Russia’s invasion of Ukraine. The government has placed a number of economic sanctions on Vladimir Putin’s government after it invaded the country on February 24.

The price per barrel of Brent crude – the most commonly used way of measuring the UK’s oil price – reached 139 US dollars on Monday, which was its highest level in 14 years.

RAC fuel spokesman Simon Williams said: “A tank of petrol is now almost £88 while diesel has now gone over £92.

“Diesel unfortunately appears to be on a clear path to £1.70 a litre. As this is an average price, drivers will be seeing some unbelievably high prices on forecourts as retailers pass on their increased wholesale costs.

“But there was a hint of better news yesterday on the wholesale market with substantial drops in both petrol and diesel which could lead, in a week or so, to a slight slowing in the daily pump price increases and records being broken less frequently.”

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