Warning As Petrol Prices To Hit £2 A Litre As Cost Hits All Time High

Experts have warned that petrol prices will soon hit £2 a litre, a day after they hit a new record of 178.5p a litre.

Sky News reported that the price of diesel has risen by one pence in the last 24 hours while petrol prices increased by 0.6p on Tuesday (June 7).

It is the fourth time in a week that a new high has been hit, with the price of a fill-up of petrol to hit £100 on Thursday (June 9) if the current cost trajectory continues.

Speaking of the rapid price hike, Simon Williams, a spokesperson for the RAC, said to Sky News: "The cost of filling a 55-litre family car with petrol has now topped £98 for the first time in history.

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"With analysts predicting that oil will average $135 a barrel for the rest of this year drivers need to brace themselves for average fuel prices rocketing to £2 a litre which would mean a fill-up would rise to an unbelievable £110.

"We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices."

Petrol prices have continued to rise in recent months, but the rise isn't just in the UK after a number of countries - including the US - announced bans on Russian oil.

The sanctions came in response to Vladimir Putin's invasion of Ukraine, which began on February 24.

Prices at the pump have been hitting record highs every few days in recent weeks due to the sanctions as well as a shortage of fuel.

Previously, the owner of one of the UK's oldest ever petrol stations has said he wouldn't be able to buy diesel from his own pumps due to the soaring prices.

Ross Molloy runs RGM Brailsford Garage, in Derbyshire, which has been in action since 1895.

Molloy told DerbyshireLive that while many punters are claiming places are hiking prices to make more cash, the truth is that the increase is needed for them to break even.

He also explained that he's particularly hard-hit as his supplier prefers to flog fuel in bulk, which he can't buy due to owning a smaller station.

He told the news outlet: "People blame the retailer, like me. They are saying you are putting up the price, you are cashing in.

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"I've been making about 3p a litre profit on diesel and Esso down the road are selling it cheaper than I can buy it for. I usually sell for around 10p more than Esso.

"I have to put it up because it comes to me at a high price. I've almost been giving it away to be honest, and that's why there aren't many small garages left."

Earlier this year, Rishi Sunak announced the government would be knocking 5p off the fuel duty, meaning drivers will pay 52.92p in tax for every litre of fuel they buy until March next year.