Russia has launched a “full scale invasion” in Ukraine which has pushed the price Brent crude above $100 per barrel which will have a severe impact on motorists.
Drivers are being warned to expect prices at the pump to rise above £1.60 a litre as Brent crude hit its highest level in eight years to $102.90 per barrel on Thursday.
The situation is expected to get far worse as retailers will pass on wholesale costs to motorists.
RAC fuel spokesman Simon Williams said, “Russia’s actions will now push petrol pump prices up to £1.50 very soon.
“The question then becomes where will this stop and how much can drivers take, just as many are using their cars more and returning to workplaces.
“If the oil price was to increase to 110 US dollars, there’s a very real danger the average price of petrol would hit £1.55 a litre.
“This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would skyrocket the cost of a full tank to £85.
“At 120 US dollars a barrel – without any change to the exchange rate which is currently at 1.35 US dollars – we would be looking £1.60 a litre and £88 for a full tank.”
AA president Edmund King said, “Russia’s attack on Ukraine and resulting geopolitical uncertainty has pushed Brent crude above 100 US dollars per barrel for the first time since 2014.
“This will result in hikes in prices at the pumps.
“New record fuel prices are likely any time soon.”
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