Average UK petrol and diesel prices have hit new highs as the Ukraine crisis continues to affect oil prices, the RAC has said, according to the BBC.
On Wednesday, petrol prices rose to 149.30p per litre amid warnings it could soon pass £1.50.
Oil prices jumped after Russia ordered troops into two Ukrainian regions this week to “maintain peace”.
Wholesale gas prices also continue to climb, threatening to further push up heating bills.
Russia is the world’s second-largest oil exporter after Saudi Arabia and the top producer of natural gas globally.
While the UK gets little of its oil and gas from Russia directly, there are concerns sanctions could constrict supplies and drive up wholesale prices worldwide.
UK consumers are already paying a high price for energy and fuel, with demand surging following the easing of Covid restrictions.
Former National Grid boss Steve Holliday told the BBC’s Today programme: “For the UK, it’s a price issue, it’s not a security supply issue.
“We already know that we’ve got consumers that are already experiencing huge jumps in their energy bills, so this is really very unwelcome.”
The price of Brent crude oil, an international benchmark, hit a seven-year high of more than $99 (£73) on Tuesday before falling back on Wednesday.
However, fuel pump prices lag behind oil prices and the RAC has warned petrol could go higher than £1.50 a litre in the coming days.
Diesel has also been rising, hitting 152.68p a litre on Wednesday.
While the UK gets much of its crude oil from Norway and the US, the third-largest amount of imports come from Russia.
Gordon Balmer, executive director of the Petrol Retailers Association, a trade body for independent UK forecourts, said whether prices continue to rise depends on a number of factors.
“If [conflict] really sparks off in Ukraine, we could price escalating dramatically,” he said.
However, he added that the US is in the process of negotiating a nuclear deal with Iran which could see more oil come onto the market.
Gas prices
UK wholesale gas prices also jumped following Germany’s decision on Tuesday to halt the final approval of Nord Stream 2 – a new gas pipeline connecting the country with Russia.
