WARNING TO DRIVERS AS PETROL COSTS AT THE PUMP PASS £1.48 PER LITRE AND ARE EXPECTED TO RISE FURTHER

The AA has issued a warning as prices at the fuel pumps hit an all time high this month with an average price of £1.48.02p for a litre of Unleaded and £1.51.57p for a litre of Diesel.

AA fuel price spokesman Luke Bosdet commented:

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"The cost of living crisis has been ratcheted up yet another notch, tightening the vice on family spending when it faces other pressures from impending domestic energy cost and tax increases." 

Rising tensions between Russia and the Ukraine as well as the industries recovery from the effects of the pandemic have had an impact on the markets causing the cost of a barrel of oil to increase. 

Oil prices reached £70.12 ($94.76) a barrel for Brent Crude today with speculation oil will soon pass the $100 threshold, pushing fuel prices even higher over the coming months.

The increase and added costs will cause misery for households who face a rise in energy costs in April due to the raise in Ofgem's energy price cap in April.

The average household energy bill is set to rise to £1,971 a year while April also sees the introduction of a hike in National Insurance by 1.25 percentage points.