Petrol prices hit record high of £1.51 per litre as fuel costs pass 'dreaded milestone'

The average cost of a litre of diesel is also at a record high, reaching £1.55

The rising cost of petrol comes as gas, electricity and inflation are also on the rise (PA)

Average UK petrol prices have exceeded £1.51 for the first time.

The typical cost of a litre of petrol at UK forecourts was 150.65p on Saturday and 151.25p on Sunday, according to figures from data firm Experian Catalist.

The average cost of a litre of diesel is also at a record high, reaching 154.69p on Saturday and 154.72p on Sunday.

RAC fuel spokesman Simon Williams said: “The average price of both fuels has shot up by more than 1.5p since Thursday.

“Despite the wholesale market calming slightly at the end of last week as oil fell back under 100 US dollars per barrel, prices at the pump will continue to go up as retailers buy in new stock at much higher prices.

Prices at the pump will continue to go up

Simon Williams, RAC

“This week will be an important one in terms of the oil price as it’s likely to reveal the speed of the inevitable upward trend or the extent of the volatility in the market.”

Russia’s invasion of Ukraine led to oil prices reaching an eight-year high last week due to concerns over the reliability of supplies, affecting wholesale prices paid by fuel retailers.

This comes as the cost of living in the UK continues to rise, with gas and electricity prices increasing by more than 50 per cent.

Gas and electricity bills could rise by £693 for the average UK customer (Getty Images/iStockphoto)

The UK’s energy price cap – the maximum amount a utility company can charge an average customer per year for the amount of electricity and gas they use – rose by 54 per cent, meaning a sharp rise in household bills this spring.

From 1 April, the cap will rise from £1,277 to £1,971 for a household on average usage, meaning an increase of £693 per year for the average customer.

Inflation also soared to the highest level in almost 30 years in December at 5.4 per cent, pushing up the cost of essential items such as food, furniture and clothing.

AA fuel price spokesman Luke Bosdet said petrol hitting 150p per litre is “a milestone that millions of motorists have dreaded”, noting that some forecourts charged only £1 per litre less than two years ago.

He warned that drivers are being hit by “record pump prices, other inflation and tax rises, along with a raft of extra charges implemented or threatened by councils for motoring in city and town centres”.