PETROL prices have hit a new high as the Russia-Ukraine crisis continues, with drivers paying nearly £15 extra just to fill up.
The RAC said the average cost of a litre of petrol or diesel at UK forecourts as of yesterday was 149.30p or 152.68p respectively.
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It warned that those filling up with petrol should expect prices to hit the “grim milestone” of 150p in just a matter of days.
This is because as Russia is one of the world’s largest producers of oil, prices are rising as concerns build over how the crisis will impact distribution of supplies.
It comes as Russian tanks rolled over Ukraine’s borders in the early hours of yesterday morning after president Vladimir Putin ordered his long-feared invasion.
Ukraine has declared a state of emergency as a 200,000 strong Russian force circles the country.
It’s having an impact on how much you are paying at the pump.
Crude oil hit a seven-year high of $99 (£73) a barrel yesterday – which experts predict will only go up.
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Interactive Investor head of investment Victoria Scholar said oil prices could even reach “triple digits” for a barrel.
Drivers are paying more as a result – the AA estimates that you’re now paying £14.72 extra for your fuel.
This is because those with a typical 55-litre tank will now be paying £81.73 – up from £67.01 last year.
It comes as a blow to millions of households’ budgets which are being squeezed due to a cost of living crisis.
As well as fuel prices, energy, food and transport costs are also on the rise, hitting those on lower incomes the most.
But there are ways to drive down the cost of filling up – we explain how.
How to cut petrol costs
Make sure to check petrol costs before you take a trip to your nearest station.
The website petrolprices.com allows you to do 20 free searches on petrol stations near you to see which have the cheapest prices.
Try and cut down the amount of trips you are making in your car too.
For example, you could find someone to car-pool with – ask your work if you can put out a notice on your workplace intranet or put an ad up on your office noticeboard.
It means you’ll be sharing the cost of fuel, and putting money back into your pocket.
You can also make a tank of fuel last longer by making sure your tyres are at the right pressure, and not being heavy handed with the accelerator.
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