PETROL prices in the UK have reaced an all-time high, with a warning it could hit as far as 150p a litre.
The average UK price of petrol hit 142.94p a litre on Sunday, beating the former record, set in April 2012, by 0.46p.
Meanwhile, diesel prices reached 146.5p a litre on Sunday, short of its all-time high of 147.93p.
AA fuel price spokesman Luke Bosdet said: “Whether it’s down to oil producers, market speculators, Treasury taxes or struggling retailers trying to balance their margins, record pump prices must be saying to drivers with the means that it is time to make the switch to electric.
“As for poorer motorists, many of them now facing daily charges to drive in cities, there is no escape.
"It’s a return to cutting back on other consumer spending, perhaps even heating or food, to keep the car that gets them to work on the road.”
The data is calculated by Experian Catalist and provided to the RAC and AA.
The latest figures are a major rise from the early days of the pandemic when the price of petrol collapsed to a low of 106.48p in May 2020.
The rebound is much quicker than the two-and-a-half years it took for prices to recover after the 2008 financial crash, the AA said.
Oil prices have soared since the beginning of the year from around 50 dollars per barrel in January to 85 dollars today.
RAC fuel spokesman Simon Williams warned that if the oil price reaches as high as 100 dollars, the price of petrol could go up to as much as 150p a litre.
He said: “This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.
“The big question now is, ‘where will it stop and what price will petrol hit?’
“If oil gets to 100 dollars a barrel, we could very easily see the average price climb to 150p a litre.
“Even though many people aren’t driving as much as they have in the past due to the pandemic, drivers tell us they are just as reliant on their cars, and many simply don’t have a choice but to drive.
"Those on lower incomes who have to drive to work will seriously struggle to find the extra money for the petrol they so badly need.
“We urge the Government to help ease the burden at the pumps by temporarily reducing VAT, and for the biggest retailers to bring the amount they make on every litre of petrol back down to the level it was prior to the pandemic.”
In 2012, when the last record was set, the price of a barrel of oil had reached 117 dollars.
But today the exchange rate between the pound and the dollar is lower, making it more expensive for British companies to buy coal.
Meanwhile, the price of ethanol, which is mixed into the UK’s petrol, has soared by 80% since 2012, the RAC said.
The price rises also came the weekend before 300,000 people in London’s new Ultra Low Emission Zone face a charge of £12.50 every day because their cars are old and emit too much carbon.
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