Drivers face paying £2 a litre for fuel at the pumps, the RAC has warned.
The latest figures released by the motoring body has revealed that the price for a litre of unleaded petrol has soared to an average UK price of 178.5. Diesel costs have also spiked to a high of 185.2.
RAC chiefs have estimated the cost filling up a 55-litre family car will now reach around £100 for the first time in history.
And experts say it is expected to get even worse over the coming weeks and months.
RAC fuel spokesperson Simon Williams said: “With analysts predicting that oil will average $135 a barrel for the rest of this year, drivers need to brace themselves for average fuel prices rocketing to £2 a litre, which would mean a fill up would rise to an unbelievable £110.
“The oil price is rising due to increased demand for fuel across the world as China eases its Covid restrictions and America and Europe go into the peak summer driving season.
“All this combined with a weaker pound at $1.20 means wholesale fuel costs more for retailers to buy.
“The wholesale price of diesel is fast approaching 160p a litre which, when you add 7p retailer margin and 20 per cent VAT, would take the pump price over the £2 mark."
Drivers have faced increasing costs of filling up their vehicles since Russia’s invasion of Ukraine kicked off in February this year.
Since then, both petrol and diesel prices have skyrocketed to record levels.
The RAC say the average price of fuel increased by 11p in May alone - which is the second largest monthly increase ever seen.
Tory Chancellor Rishi Sunak reduced fuel duty by 5p a litre during his spring statement in March.
However, this has failed to offset the impact on drivers’ pockets so far.
The UK Government has been urged to take further measures to help drivers during this extraordinary surge in prices.
RAC’s Simon Williams added: “We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices.”
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