Fleet News

Fears of even higher fuel prices after Russia invades Ukraine

Hand on fuel pump

Fleets are being warned to expect fuel prices to continue rising after Russia invaded Ukraine sending the price of a barrel of oil soaring past $100 (£74).

The price of oil topped $103 a barrel, with Russia the second biggest exporter of crude oil, leading to warnings from the RAC that UK petrol prices are set to rise further.

The UK only gets 6% of its crude oil and 5% of its gas from Russia, but there are concerns sanctions could constrict supplies and drive-up prices worldwide.

Both petrol and diesel reached new record levels yesterday. Unleaded is nearly 149.5p a litre and diesel almost 153p.

“Russia’s actions will now push petrol pump prices up to £1.50 very soon,” said RAC fuel spokesman Simon Williams.

“The question then becomes where will this stop and how much can drivers take just as many are using their cars more and returning to workplaces.”

If the oil price was to increase to $110 there’s a very real danger the average price of petrol would hit £1.55 a litre.

“This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would sky rocket the cost of a full tank to £85,” added Williams.

“At $120 a barrel – without any change to the exchange rate which is currently at $1.35 – we would be looking £1.60 a litre and £88 for a full tank.”

The long-running records set in April 2012 were: petrol – 142.48p; diesel -147.93p. These were first broken in late October: for petrol – 142.94p on Oct 24 and on October 31, 147.94p for diesel.

Records were then set on a daily basis until November 21, when petrol hit 147.72p and diesel 151.10p on November 20.

These stood until February 13 when petrol went to 148.02p and diesel 151.57p. Prices climbed further, almost daily, until petrol topped 149p on Sunday (February 20) - petrol: 149.12p and diesel 152.58p.

Fleet News has teamed up with Allstar to bring you the fuel prices locator, enabling you to compare fuel prices and find the cheapest petrol or diesel in your area.

Even one penny per litre can make all the difference when filling up your fleet vehicles, potentially saving your company thousands of pounds a year.

Average pence per litre and per gallon petrol and diesel fuel prices in the UK regions includes England, Scotland, Wales and Northern Ireland. To access the latest fuel prices, click here

Click here for fuel and fuel cards best practice and procurement insight

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