Gasoline prices hit new record high at £1.50/litre as drivers urge not panic buying

Gasoline and diesel prices soar as Russia’s aggression means higher fuel costs amid concerns about oil shortages in European countries

Close-up color image depicting a man's hand holding a hose and refueling his car at a gas station. Room for copy space.
Gasoline prices peaked at 150p a liter for the first time

Car drivers are now paying more than 150p a liter for gas when Russia invades Ukraine put pressure on oil prices.

RAC spokesman Simon Williams said the price of an average liter of unleaded petrol rose to 151.25p on Sunday, with diesel at 154.72p.

I said Sky News: “This makes a full tank of petrol for a 55-litre family car £83 and diesel £85. The average price of both fuels has increased by more than 1.5p since Thursday.”

The RAC keeps its own fuel price index, and so does the government.

Government figures, released every Tuesday, show that Britons are already paying more than ever to refill their cars like Petroleum and diesel price hit a record high last week.

The average price of a liter of gasoline on February 22 was 147.7 points and diesel was 151.95 points.

The previous record for petrol was 147.53p, set in November 2021.

Tom Tugendhat, Chairman of the Foreign Affairs Committee, told BBC last week gas prices could rise “significantly” by more than £1.70 a litre.

Why are gasoline and diesel prices rising?

Russia launch a full-scale invasion of Ukraine last week.

According to reports, the conflict has left hundreds of people dead.

Mirror Chief Correspondent Andy Lines living above ground in Kyiv.

But conflict will also have economic impacts around the world – particularly in the UK.

Prime Minister Boris Johnson warned that “one of the risks in Putin’s venture is that there could be … a spike in oil prices”.

The prices of these fuels are relative to Brent crude – the most important oil used in Europe.

The price of a barrel of Brent crude rose to $105 (£78.34) a barrel.

This happened due to concerns that oil could become a lot harder to trade.

Russia is the world’s second largest oil producer and mainly sells to other European countries.

Depending on how the conflict plays out, this could mean disrupted conventional oil supplies – and even higher prices.

Higher energy bills

The Ukraine conflict could also mean rising energy bills for Britons.

Again, this could be due to the normal flow of air affected by war.

Russia supplies about 35% of the gas used in Europe, and UK homes are heavily dependent on gas.

The Office for National Statistics says most homes (86.3%) have central gas heating.

Gas is also vital to the grid’s supply of electricity.

The UK gets only 5% of its gas from Russia.

The bigger threat to UK gas prices is if the conflict also affects European and global gas markets.

Energy bills were at record highs even without conflicts.

Ofgem power regulator is increase its price ceiling from Aprilwhich means the average home will see a £693 increase in energy bills.

Those following the default energy tariff paying by direct debit will see a £693 increase from £1,277 to £1,971 as of April 1.

This marks a staggering 54% increase while the UK is in the midst of a cost of living crisis.

Prepaid customers will be hardest hit, with a £708 increase from £1,309 to £2,017.

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Read more Gasoline prices hit new record high at £1.50/litre as drivers urge not panic buying

Fry Electronics Team

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