The average price of petrol has soared to a new record high, following the EU's decision to put a ban on Russian imported oil.
Latest figures from The RAC has shown the average cost of petrol in the UK is now 173.02p a litre, with prices still likely to rise even further.
The latest prices now beat last month's high of 163.3p per litre and follows European Union leaders decision to ban the use of imported Russian oil.
The price increases will now see families paying around £95.16 to fill an average five litre car with unleaded petrol, according to The RAC.
It comes as fuel prices have been steadily increasing due to the current cost of living crisis and the ongoing Russian invasion of Ukraine. The past couple of months have seen households grappling with rising costs on food, energy bills and fuel.
The price of oil was increased after supplies were disrupted by Russia’s invasion of Ukraine, and western sanctions imposed in response, reports The Independent.
On Monday night, EU leaders officially announced a partial embargo on the use of imported Russian oil. It will only cover Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline.
Motorists have been warned that a tougher embargo on Russian oil will see even further price increases at forecourts across the UK.
Callum Macpherson, head of commodities, at Investec, said oil markets had been surprised to hear that EU member stated had reached a deal overnight.
“This deal is clearly watered down from what was originally proposed several weeks ago,” Mr Macpherson said.
“It is maybe that the EU, knowing it would face credibility issues if it did not do something, decided it was better to get a deal done and can then work to implement a stronger ban over time. We now wait to hear more detail on timelines and additional sanctions.”
Prices at forecourt pumps have also been impacted due to a shortage of petrol and types of refined crude oil.
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