Yahoo Finance UK petrol and diesel prices hit record high
UK petrol and diesel prices hit a new record high on Monday as petrol jumped to £1.51 a litre, while diesel increased to £1.55 amid soaring oil prices as energy markets bore the brunt of Russia's invasion of Ukraine.
The price growth has sparked a huge increase in costs for motorists, with a full tank of petrol for a 55-litre family car now £83 for petrol and £85 for diesel cars.
Oil prices continue to surge, with war in Ukraine pushing the benchmark over $105 a barrel in intraday trading last week, breaching that level for the first time since 2014.
Brent was up 4.7% to $102.53 a barrel, while West Texas crude (CL=F) rose 5% to $95.77, affecting wholesale prices paid by fuel retailers.
Read more: What Ukraine invasion means for consumer prices in the UK
"The average price of both petrol and diesel hit worrying new record highs on Sunday, with unleaded jumping to 151.25p and diesel to154.72p," said Simon Williams from the RAC.
Williams added" "Despite the wholesale market calming slightly at the end of last week as oil fell back under $100, 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."
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Petrol price movements in the UK are mainly determined by the price of crude oil, and the exchange rate between sterling and the US dollar as crude is traded in dollars.
Meanwhile, sterling (GBPUSD=X) fell 0.1% against the US dollar to $1.339 but rose over 0.4% against the euro (GBPEUR=X) as the UK announced measures to cripple Russia’s financial system.
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 also warned motorist 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".
Watch: Why are gas prices rising?
