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Average petrol price exceeds £1.52 per litre for first time

The average cost of a litre of petrol at UK forecourts was 152.20p on Wednesday as the cost of oil continues to rise due to the war in Ukraine.

03 March 2022

Average petrol prices have exceeded £1.52 per litre for the first time as the cost of oil continues to rise due to the war in Ukraine.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts was 152.20p on Wednesday, up from 151.67p on Tuesday.

The cost of diesel rose from 155.23p to a new high of 155.79p over the same period.

Oil prices have soared due to concerns over the reliability of supplies since Russian troops invaded Ukraine last week.

Brent crude reached a 10-year high of nearly 120 US dollars per barrel on Thursday.

RAC fuel spokesman Simon Williams said UK fuel prices are determined by the cost of oil and the US dollar-pound exchange rate.

This means “further price rises are inevitable in the coming days and weeks”, he said.

Mr Williams added: “As this period of record high prices could be here for some considerable time, drivers may need to take steps to keep their costs under control.

“Driving less may be an option for some, but those who depend on their cars will have to try to buy their fuel at the best possible price and then drive as fuel efficiently as possible.”

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