PETROL prices have passed 150p per litre for the first time, adding to the ongoing squeeze on household budgets.
Families are already facing pressure due to the cost of living crisis and rising energy bills.
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And the latest rise in petrol prices adds to the woes of Brits trying to stay in the black.
The cost of diesel has also risen to 154.72p a litre on Monday, according to the RAC.
Petrol’s price hike means the average family is forking out £83 to fill up a 55-litre car – while the total for a diesel is £85.
So it’s more important than ever to make sure you’re not paying more than you need to for fuel.
Remember, this doesn’t mean there is a fuel shortage – so there is no need to panic buy.
Why are petrol prices going up?
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Petrol prices are going up because of the ongoing crisis in Eastern Europe.
The price of a barrel of Brent crude oil soared by to $106.61 last Thursday, its highest level in nearly eight years, due to concerns over the reliability of supplies after Russian troops entered Ukraine.
The wholesale price is how much the oil costs when it leaves the refinery – and that’s the price retailers pay for it.
When supply is disrupted though, wholesale prices go up.
The RAC even estimates petrol prices could increase to £1.70 a litre if the situation in Ukraine worsens.
Find cheap fuel locally
The easiest way to find the cheapest forecourt in your area for petrol, diesel, super unleaded or premium diesel is by comparing prices using an online comparison site.
Website PetrolPrices.com will list the cheapest filling stations in your area.
You need to register with the site, enter your postcode and tell it how far you’re willing to travel for fuel (up to 20 miles) and what fuel type you’re after.
It says it displays the most up-to-date figures across around 8,500 forecourts in the UK, although it is always worth checking locally as prices do change.
Also, keep an eye out for fuel discount promotions, particularly from supermarkets.
For example, earlier this month Morrisons offered customers 7p off every litre of fuel if they spent £40 in store.
These offers don’t tend to hang around for long though, so you need to take advantage quickly if you see one.
Get a petrol loyalty card
Various stations offer fuel loyalty cards, which can help you save on the cost of filling up.
For example, Texaco operates the Star Rewards scheme, which gives you one point for every litre of petrol or diesel that you buy.
Points are worth 1p and once you hit 500 points, you can claim a £5 voucher to use the next time you fill up.
At the moment you get 75 bonus points for signing up.
Alternatively, you can convert those points into vouchers for retailers including Argos and Marks & Spencer.
Shell has the ShellGo+ scheme, which rewards you with money off your fuel for every 10 visits, when you spend £10 or more on fuel or at least £2 in the shop.
BP recently launched its own loyalty club BPMe, where you swipe your rewards card at the till when paying for fuel or any products.
You get one point for one litre of regular fuel, and one point for every £1 spent in store or on a car wash. You can get two points per litre of Ultimate fuel purchased.
When you hit 200 points, you can get £1 off your fuel or you can choose from other rewards. If you register your card, you can currently earn 250 bonus points, helping you accumulate points quicker.
Martyn James explains how Ukraine war could affect YOU in UK – from petrol prices to bread
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