Fuel prices predicted to hit £1.60 a litre as Russia invades Ukraine - where to get cheapest fuel in Liverpool

Costs predicted to spiral from current record highs as conflict pushes up oil prices to eight-year high.

Drivers have been warned to expect a spike in fuel prices following the Russian invasion of Ukraine.

Petrol and diesel prices hit new record highs on Tuesday, according to one market analyst, and industry observers are predicting further sharp rises as the crisis affects global oil markets.

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Figures from data firm Experian Catalist show that on Tuesday the average cost of a litre of petrol in the UK reached 149.30p, while diesel cost 152.68p.

On Thursday morning the price of Brent crude oil hit an eight-year high at $102.30 per barrel and fuel retailers are expected to pass any price rises on to drivers.

The RAC’s fuel spokesman Simon Williams said Russia’s military action would drive up oil prices further, which would inevitably push up wholesale petrol and diesel prices.

He said: “If the oil price were to increase to 110 US dollars per barrel 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 skyrocket the cost of a full tank to £85.

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

“The unrelentless rising price of fuel is hurting households up and down the country, furthering the cost of living crisis. Businesses are also suffering with diesel reaching new heights.”

Petrol hit 149.12p and diesel 152.58p on Sunday before dipping very slightly on Monday but the group’s Simon Williams said that continuing instability was likely to lead to further rises in the near future.

AA president Edmund King said: “Russia’s attack on Ukraine and resulting geopolitical uncertainty has pushed Brent crude above 100 US dollars per barrel for first time since 2014.

“This will result in hikes in prices at the pumps. New record fuel prices are likely any time soon.”

Fuel prices have been rising almost constantly over the past 12 months as demand for oil returned to pre-pandemic levels and key producers continued to limit supply.

Russia’s actions in Ukraine have worsened the situation as it is among the world’s biggest oil producers and there are growing fears over disruption to oil supplies, leading to higher wholesale prices.


Petrol prices in Liverpool

With that in mind, we found the cheapest 10 places to buy a litre of fuel in Liverpool on Thursday, 24 February, 2022, with data from PetrolPrices.com.

1. Costco Liverpool Automat, Waterloo Street, L3 7HY: petrol 136.7p; diesel 143.7p.

2. Gulf Garston Way, Garston Way, L19 2JA: petrol 141.9p; diesel 145.9p.

3. Asda Bootle, Orrell Lane, L20 6HX: petrol 142.7p; diesel 147.7p.

4.ESSO Maghul, Northway, L31 2HA: petrol 142.9p; diesel 147.9p.

5. Asda Breckfield Road, Breckfield Road South, L6 5DR: petrol 143.7p; diesel 147.7p.

6. Asda Sefton Park, Smithdown Road, L15 2HF: petrol 143.7p; diesel 147.7p.

7. Asda Bootle Strand, Strand Road, L20 4BB: petrol 143.7p; diesel 147.7p.

8. Asda Walton, Utting Avenue, L4 9XU: petrol 143.7p; diesel 147.7p.

9.Morrisons Belle Vale, Belle Vale Raod, L25 2XT: petrol 143.7p; diesel 148.7p.

10. Asda Huyton, Archway Road, L36 7TX: petrol 143.7p; diesel 148.7p.

* Prices correct at time of publication.