Petrol prices in the UK could reach as high as £2.40 a litre this year due to Russia's invasion of Ukraine.
Dr Amrita Sen, Director of Research at Energy Aspects, told MPs on the Treasury Committee at Westminster that oil prices will fluctuate throughout the year.
Vladimir Putin 's war in neighbouring Ukraine has led to a rise in the oil price due to a number of factors, including supply fears.
Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Sunday was 163.5p, while diesel was 173.4p.
A month ago, pump prices were 148.0p per litre for petrol and 151.6p per litre for diesel.
Oil prices plummeted last week, leading to a cut in wholesale costs for fuel retailers.
However, prices could rise again with consumers expected to pay around 240.0p a litre this year.
Tory MP Anthony Browne, member of the Treasury Committee, asked Sen: "You say prices are going to go up for petrol and diesel.
"At the moment on the forecourt we're seeing petrol at 160 or above and diesel 170 or above. Have you any predictions of how high it could go?"
Sen replies: "We are expecting, so if you do it on the basis of crude oil, crude oil prices right now are about 110. We are saying it could easily go up by $50.
"So let's say it's just over a 50 per cent increase, so that's how much then retail prices would go up - assuming there are no tax changes that are implemented by the government.
"You can always reduce the amount of tax at the petrol pump."
Browne then asks: "If taxes stay the same. Do you mean that if it's currently at 160 per litre for petrol then it would end up being 240?"
"Yes, around that much," Sen replies.
The price per barrel of Brent crude, the most commonly used way of measuring the UK's oil price, reached 139 US dollars on March 7, which was its highest level in 14 years.
But the price plummeted to 109 US dollars two days later, and remains around that level.
RAC fuel spokesman Simon Williams said the average price of petrol "appears to be on a collision course with £1.65 a litre".
He went on: "While there will almost certainly be more rises this week, drivers should soon get some respite from pump prices jumping by several pence a litre every day as oil and wholesale prices appear to have settled.
"The price hikes seen over the weekend are still a result of the oil price rise which began at the start of the month and peaked early last week.
"As the oil price has now fallen back, we should hopefully reach the peak and start to see prices going the other way to reflect the big drop in wholesale costs seen at the end of last week, subject to no further spikes in the barrel price this week."
To sign up to the Daily Record Politics newsletter, click here.
