Experts say that fuel prices could reach £2 per litre this summer. As a result, it would cost motorists more than £100 to fill their car with petrol.
The RAC has warned that prices are likely to keep rising due to an increase demand from China as it lifts Covid-19 restrictions. It has urged the government to take action to prevent the situation becoming a national crisis.
Fuel costs increased rapidly earlier this year after Russia's invasion of Ukraine. And experts say it is unlikely costs will come down until oil producers, other than Russia, are able to increase supplies to compensate for the loss of its oil.
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A spokesperson for RAC said: "The wholesale price of [diesel and petrol] is fast approaching 160p a litre which, when you add 7p retailer margin and 20% VAT, would take the pump price over the £2 mark."
If this were to happen, a typical family car would cost between £100 and £110 to fill up, the BBC reports. The RAC spokesperson added: "This is fast becoming a national crisis for the country's 32 million car drivers, as well as countless businesses."
The government announced that it would cut fuel duty on petrol and diesel by 5p per liter for a year in March. At the time of the announcement, petrol had hit 167p a litre, and diesel was close to hitting 180p for the first time.
That 5p deduction has already been cancelled out, however, as petrol is now at 178.50p and diesel 185.20p.
