Petrol prices have been on the rise for months, but the war in Ukraine has sparked a surge and pushed fuel costs to unprecedented levels causing headaches for motorists around the world
The latest figures by RAC’s Fuel Watch show that petrol is now over £ 1.65 a liter and diesel is more than £ 1.76.
That means diesel has now shot up 21p since the start of the month and petrol has gone up by nearly 13p – the fastest rises on record.
This time last year, it cost around £ 67.97 to fill up an average family car with petrol, now it costs as much as £ 90.7 for petrol and £ 96.82 for diesel.
Simon Geale, Executive Vice President and Chief Procurement Office for procurement company Proxima, told Express.co.uk that the high prices “all tracks back to the Ukraine crisis”.
He explained that there will need to be a “significant restructuring” of the supply chain to make up the “five million barrel” shortfall of Russian oil.
Mr Geale predicted that we are heading into a period where we will see a repetition of high prices “for weeks or potentially months”.
However, the recent drop in oil prices believed to have been caused by cease-fire talks between Russia and Ukraine could see prices being cut sooner than initially predicted.
Francis Fabrizi, senior analyst for CrystalFX LTD, told Express.co.uk: “Oil prices this week have dropped below $ 100 a barrel due to positive cease fire talks between Russia and Ukraine and growing concerns over increasing Covid cases in China”.
READ MORE: BBC Question Time audience member blasts Tory MP over refugee policy
“We remain hopeful that retailers will soon start to pass on recent reductions to drivers when they next buy supply. That ought to lead to petrol stabilizing at around 160p while diesel ought to stay where it is based on current wholesale prices”.
Mr Fabrizi warned that if the war in Ukraine continues or further escalates, we could see prices climb even higher.
He added: “According to our analysis, we could see oil prices fall to $ 76 a barrel in the coming months although, if the tension between Russia and Ukraine continues, we can expect oil prices to rise higher in the long term to around $ 160 a barrel. “
Experts predict that the government will need to intervene if the high costs continue to place a heavy burden on drivers.
Mr Fabrizi said: “We predict that petrol prices will reduce eventually but not as soon as we hope. We may need to see some form of Government intervention to enforce a cap on prices if they continue to rise much higher.”