MPs have been warned that petrol prices could hit £2.50 per litre and diesel as much as £3 per litre.
That’s according to Dr Amrita Sen from Energy Aspects, who spoke with Parliament’s Treasury Committee on the topic.
The average cost of petrol hit a record 163.5p on Sunday, with diesel reaching 173.4p, as prices continue to rocket following the ongoing conflict between Ukraine and Russia.
The UK reportedly gets close to 18% of its diesel from Russia and the price is projected to double if conflict continues.
Dr Sen stressed that prices of £2.50 and £3 were “definitely in the realms of possibility”. She explained: “If you do it on the basis of crude oil, we’re saying it could easily go up by 50%.”
Nathan Piper, Head of Oil and Gas Research at Investec Bank, echoed Dr Sen’s views, stating: “Consumers need to get ready for continued rises in fuel prices.”
His response to the question of how high they could rise was “pick a number”.
Huge jumps in crude oil prices have impacted the prices at the pumps, with one barrel of Brent crude oil reaching £106 last Monday – the highest level in 14 years.
This has, however, now dropped to a reported £77.
The rise in fuel prices have been coupled with families’ preparations for a heavy hike in energy bills and experts that spoke in front of the committee urged government and the Chancellor to take further action to protect low-income households.