London Daily

Focus on the big picture.
Tuesday, Mar 03, 2026

UK petrol price jumps above £1.50 as oil costs rise

UK petrol price jumps above £1.50 as oil costs rise

Fuel prices have hit record highs in the UK as Russia's invasion of Ukraine continues to affect global oil prices.

The RAC said the average price of petrol jumped to £1.51 a litre on Sunday, while diesel increased to £1.55.

The price of both fuels has jumped since Thursday, when Russia began its assault on Ukraine.

RAC fuel spokesman Simon Williams said despite oil prices calming, prices at the pump will continue to rise.

The cost of filling a 55-litre family car with unleaded petrol is now £83, or £85 for diesel.

"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," said Mr Williams.

The price of Brent crude rose by 4.6% to $102 barrel on Monday after Western nations imposed new sanctions on Russia - one the world's largest energy producers.

Petrol price movements in the UK are mainly determined by the price of crude oil, and the exchange rate between the dollar and the pound, because fuel, like oil is traded in dollars.

Although the UK imports just 6% of its crude oil from Russia, it would still be affected by global wholesale prices rising.

Prices were above the average at a Shell garage in West Yorkshire on Monday


UK consumers are already paying a high price for fuel, with demand surging following the easing of Covid restrictions.

Steve Irwin, from fuel consultancy firm Portland, told the BBC that prices had risen due to concerns over oil and gas pipelines which travel through Ukraine and carry Russian products.

He said there was "potential for enormous supply disruption" if Russia retaliated to sanctions and used oil "as a weapon".

"It's impossible to know what kind of trajectory we are looking at for oil prices over the coming weeks," he said.

However, Mr Irwin added that price was a bigger concern than supply currently, as the US and Saudi Arabia are also huge oil exporters.

'What do you put first? Food, heating or petrol?'
Mandy Watts is limiting how much she drives because of the price of fuel


Mandy Watts depends on her car for work, but thinks "the cost of petrol has gone through the roof".

Going carless isn't an option for Mandy, but she is trying to use it less.

"Being a single parent as well, you have to think about these things," she told the BBC.

"Is it petrol, is it food, is it heating, what do you put first? Food and heating has to come before petrol. So I tend to limit a little bit where I go now."

'A silver lining'


Robert Halfon, a former Conservative minister, has called on Chancellor Rishi Sunak to look at reducing VAT or fuel duty, which has been frozen for 12 years.

He told the Times: "Given what is going on it is genuinely going to be unaffordable for most families. It isn't just for motorists, it's businesses too because they can't afford transportation costs and things like that."

Luke Bosdet, fuel spokesman for the AA, said the rise in fuel costs came at the same time as households were facing energy bill rises.

"To think that, less than two years ago, fuel at £1 a litre beckoned," he said.

"If there is a silver lining, the predictions of 160p or even 170p-a-litre fuel now look exaggerated as the oil price fell back after one day's surge last week."

Newsletter

Related Articles

0:00
0:00
Close
Trump Says UK–US ‘Special Relationship’ Is Diminished Amid Middle East Dispute
UK Economic Forecasts Face Fresh Strain from Middle East Conflict and Rising Energy Costs
UK Reaffirms Close US Ties After Trump’s Public Criticism
Reeves Stresses Stability and Fiscal Discipline in UK Budget Update as Growth Outlook Shifts
UK Deploys Royal Navy Destroyer HMS Dragon to Cyprus After Drone Strike on RAF Base
Green Party Surges Past Labour in New UK Poll as Traditional Party Support Crumbles
Majority of Britons Oppose U.S. Use of UK Military Bases in Iran Conflict
UK Intensifies Evacuation Efforts from Oman, Working with Airlines to Boost Flight Capacity
Trump Condemns UK and Spain in Unusually Sharp Rift Over Iran Military Action
Trump Repeats UK Claims That Diverge from Verified Facts Amid Diplomatic Strain
UK Arrests Prominent Figures Linked to Epstein Network as Questions Mount Over US Action
Trump Says UK ‘Took Far Too Long’ to Approve Use of Airbases for Iran Strikes
Scope of Britain’s Role in the Expanding Middle East Conflict Comes Under Scrutiny
Trump Says He Is ‘Very Disappointed’ in Starmer Over Iran Comments
U.S. Embassy in Riyadh Struck by Drones Amid Escalating Iran Conflict
Starmer Confronts Strategic Test After Drone Strike Near British Base in Cyprus
Rolls-Royce Chief Signals Openness to Germany Joining UK-Led Fighter Jet Programme
UK Stocks Slip as Escalating Iran Conflict Triggers Global Market Selloff
UK Overhauls Asylum System to Make Refugee Status Temporary
Starmer Warns of ‘Reckless’ Iranian Strikes Amid Escalating Regional Tensions
British Base in Cyprus Targeted as Drones Intercepted Amid Expanding Iran Conflict
Starmer Diverges from Trump on Iran Strategy, Rejects ‘Regime Change from the Skies’
U.S. and Israel Intensify Strikes on Iran as Conflict Expands to Lebanon and Gulf States
Violent Pro-Iranian Protesters Storm U.S. Consulate in Karachi
Missile Debris Sparks Fires at Dubai’s Jebel Ali Port Near Palm Jumeirah
Iran Strikes U.S. Fifth Fleet Headquarters in Bahrain Amid Wider Gulf Retaliation
When the State Replaces the Parent: How Gender Policy Is Redefining Custody and Coercion
Bill Clinton Denies Knowing Woman in Hot Tub Photo During Closed-Door Epstein Deposition
Former U.S. President Bill Clinton Testifies on Ties to Jeffrey Epstein Before Congressional Oversight Committee
Dyson Reaches Settlement in Landmark UK Forced Labour Case
Barclays and Jefferies Shares Fall After UK Mortgage Lender Collapse Rekindles Credit Market Concerns
Play Exploring Donald Trump’s Rise to Power by ‘Lehman Trilogy’ Author to Premiere in the UK
Man Arrested After Churchill Statue Defaced in Central London
Keir Starmer Faces Political Setback as Labour Finishes Third in High-Profile By-Election
UK Assisted Dying Bill Set to Fall Short in Parliament as Regional Initiatives Gain Ground
UK Defence Ministry Clarifies Position After Reports of Imminent Helicopter Contract
Independent Left-Wing Plumber Secures Shock Victory as Greens Surge in UK By-Election
Reform UK Refers Alleged ‘Family Voting’ Incidents in By-Election to Police
United Kingdom Temporarily Withdraws Embassy Staff from Iran Amid Heightened Regional Tensions
UK Government Reaches Framework Agreement on Release of Mandelson Vetting Files
UK Police Contracts With Israeli Surveillance Firms Spark Debate Over Ethics and Oversight
United Airlines Passenger Hears Cockpit Conversations After Accessing In-Flight Audio Channel
Spain to Conduct Border Checks on Gibraltar Arrivals Under New Post-Brexit Framework
Engie Shares Jump After $14 Billion Agreement to Acquire UK Power Grid Assets
BNP Paribas Overtakes Goldman Sachs in UK Investment Banking League Tables
Geothermal Project to Power Ten Thousand Homes Marks UK Renewable Energy Milestone
UK Visa Grants Drop Nineteen Percent in 2025 as Migration Controls Tighten
Barclays and Jefferies Among Banks Exposed to Collapse of UK Mortgage Lender MFS
UK Asylum Applications Edge Down in 2025 Despite Rise in Small Boat Crossings
Jefferies Reports Significant Exposure After Collapse of UK Lender MFS
×