With average costs of petrol and diesel soaring to record highs in the UK, drivers will be seeing “unbelievably high prices on forecourts”, the RAC has warned, as petrol hit more than £2 a litre at some London forecourts.
The average cost of a tank of petrol was nearing £88 on Thursday, while diesel exceeded £92 and sat “on a clear path to £1.70 a litre”, RAC fuel spokesman Simon Williams said.
But there was a “hint of better news” as crude oil prices stabilised below $120 a barrel after the UAE signalled it would push other oil exporting nations to boost production in an attempt to fill some of the gap left by Russia.
This “could lead, in a week or so, to a slight slowing in the daily pump price increases, and records being broken less frequently”, Mr Williams said.
However experts warned that oil prices would remain volatile and could spike further, while gas prices look set to remain high as Europe weans itself off Russian supplies.
