Fleet News

Ukraine crisis pushes pump prices to record highs

Pump prices, fuel pump

The cost of crude oil has surged as a result of the war in Ukraine, pushing the price of diesel and petrol on UK forecourts to record highs.

The average price of petrol reached another new record high on Tuesday, with a litre now costing 151.67p. Diesel has now exceeded £1.55 a litre for the first time ever at 155.23p.

Pump prices are expected to rise higher still, according to RAC fuel spokesman Simon Williams.

“The sudden $10 jump in the oil price on Tuesday to $113 a barrel is likely to take the average price of petrol towards 155p a litre and diesel to 160p, particularly as it’s looking like this price isn’t just a market blip caused by the US and allies deciding to dip into the strategic oil reserve," he said.

“If oil does stay at this level, the journey to an average unleaded price of 155p may be far too quick.”

International Energy Agency (IEA) member countries, led by the United States, yesterday (Tuesday, March 1) agreed to release 60 million barrels of emergency stockpiles, but it appeared to have had a limited effect on pricing.

AJ Bell investment director Russ Mould told the BBC that the move would not "make any sustained difference" to prices.

“Russia controls a sixth of the world's gas and a tenth of its oil,” he said. “Those figures dwarf the 60 million barrels and industrial buyers, or financial speculators, will be focusing on those numbers and where that supply goes.

“The West is still buying Russian supply and Russia is still providing it but that could conceivably change as relations deteriorate further.”

Russian oil exports account for about 8% of global supply.

The Organisation of the Petroleum Exporting Countries (OPEC), Russia and allies, a group known as known as OPEC+, are due to meet later on Wednesday, where they are expected to stick to their ongoing policy of increasing supply by 400,000 barrels each day.

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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