Rising oil prices following Russian invasion of Ukraine

28 February 2022 | David Young

RAC fuel spokesman Simon Williams on 24 February 2022 said: "Both petrol and diesel have reached new record levels. Unleaded is nearly 149.5p a litre and diesel almost 153p"

Rising oil prices following Russian invasion of Ukraine

"Russia's actions will now push petrol pump prices up to £1.50 very soon. If the oil price was to increase to $110 there's a very real danger the average price of petrol would hit £1.55 a litre. At $120 a barrel – without any change to the exchange rate which is currently at $1.35 – we would be looking £1.60 a litre and £88 for a full tank.".

The long-running records set in April 2012 were petrol – 142.48p and diesel -147.93p. These were first broken in late October – petrol 142.94p on 24 Oct and on 31 Oct 147.94p for diesel.

Records were then set on a daily basis until 21 Nov when petrol hit 147.72p and diesel 151.10p on 20 Nov.

These stood until 13 Feb when petrol went to 148.02p and diesel 151.57p. We then saw prices climb further, almost daily, until petrol topped 149p on Sunday 21 Feb - petrol: 149.12p and diesel 152.58p.