Petrol Prices In UK Have Hit A Record High

Petrol prices in the UK have hit a new high amid the ongoing tensions in Ukraine, reports suggest.

On Wednesday (23 February), the average price of petrol rose to 149.30p per litre amid warnings it could soon pass £1.50.

Following Russia's invasion of Ukraine this week, fuel and gas prices have risen significantly, with Russia being the world's second-largest oil exporter after Saudi Arabia and the top producer of natural gas globally.

The UK only gets 6 percent of its crude oil and 5 percent of its gas from Russia, as per the BBC, but there are concerns sanctions could constrict supplies and drive up prices worldwide.

With prices already rising in the wake of the COVID-19 pandemic, there are worries that this further rise could be disastrous for many.

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The Daily Mail reports that on the A1 in Peterborough, a Shell garage was charging £1.66p per litre for diesel, a scene that can be seen up and down the country.

Continuing their coverage, they claim that one garage boss in Suffolk said: "Fuel prices are set to go through the roof - and everyone will feel the effects.

"Prices have gone up by at least 10p a litre in many outlets and it will lead to hardship for the people living outside towns and cities who rely on their cars.

"But this is just the start - it is almost certain to reach £2 a litre when it will really hit people who need their cars to live and work."

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Speaking to the BBC, former National Grid boss Steve Holliday said: "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."

Tom Tugendhat, chairman of the foreign affairs committee, told Radio 4's Today programme that if the situation in Ukraine continued, 'you can forget about petrol at £1.70 a litre, which is where it's heading now. It will be significantly higher'.

Although Gordon Balmer, executive director of the Petrol Retailers Association, a trade body for independent UK forecourts, has said that while many factors are causing fuel prices to increase, including the crisis in Ukraine, the US is in the process of negotiating a nuclear deal with Iran which could see more oil come onto the market.