RAC GIVE WARNINGS OVER HISTORICALLY HIGH FUEL PRICES AT THE FORECOURTS

The RAC has warned drivers over the soaring cost of fuel after both petrol and diesel prices hit historic highs at the forecourt.

According to the roadside breakdown and assistance company, petrol hit £1.51 per litre and diesel rose to a staggering £1.54 with further rises expected due to concerns over restrictions on the back of the crisis in Ukraine.

A year ago, the average petrol price stood at 122.50p a litre, while diesel was at 125.99p.

Globally Russia is the second largest exporter of crude oil after Saudi Arabia and there are valid concerns that sanctions will cause a dramatic rise in global prices per barrel.

The price of a barrel of Brent crude oil soared to as much as 106.61 US dollars on Thursday, its highest level in nearly eight years.

With average fuel prices at UK forecourts at record highs, there are fears motorists could be hit even harder in the pocket as retailers pass on the latest rises in wholesale costs.

If the oil price was to increase to 110 US dollars, there’s a very real danger the average price of petrol would hit over £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.

The rising cos of fuel looks to be an added misery to families who are facing huge hikes in Gas and Electric prices from April after regulator OfGem removed the price cap.