Motorists are being urged to top up their tanks as petrol prices creep upwards, with fears that costs could skyrocket to a staggering £2 per litre in the worst case scenario.
Following months of consistent declines since mid-December, the average price of unleaded has increased for two weeks on the trot. It currently sits at 131.71p per litre, a slight increase from 131.46p on 9 February. Industry experts attribute this reversal to renewed instability in global energy markets. Brent crude has surged past $71 a barrel, its highest level since July 2025, due to escalating tensions in the Middle East and the ongoing Russia-Ukraine conflict.
Worries over Donald Trump's tariffs and their impact on worldwide trade are also causing ripples in commodity markets. Although today's prices are significantly lower than the July 2022 peak of 191.55p per litre, when Russia's invasion of Ukraine caused fuel costs to rocket, analysts suspect the recent dip may have reached its end.
Tony Redondo, founder of Newquay-based Cosmos Currency Exchange, advised drivers to capitalise on current prices while they last.
He said: "The recent rise to 131.71p per litre signals a definitive pause in the downward trend UK drivers enjoyed earlier this year. This uptick is primarily driven by global volatility, with Brent crude climbing above $71 per barrel – the highest since July 2025 – due to heightened tensions in the Middle East and the ongoing Russia-Ukraine conflict.
"Domestically, whilst the 5p fuel duty cut remains in place until September 2026, retailers are swiftly passing these wholesale increases onto the pumps. Barring a major supply disruption, such as direct military action involving the US and Iran or a blockage of the Strait of Hormuz, prices are expected to settle between 133p and 135p in the short term.
"Whilst we aren't approaching the 191p record highs of 2022, the price 'floor' has likely been reached. It is wise to fill up now if you find a station near the current average, as retail prices typically rise much faster than they fall."
The Strait of Hormuz – a vital shipping route for global oil supplies – remains a significant point of concern. Any disturbance there could cause crude prices to skyrocket within days. Some experts caution that even more dramatic increases cannot be dismissed.
Samuel Mather-Holgate, managing director and IFA at Swindon-based Mather and Murray Financial, told Newspage: “Donald Trump's tariffs really are felt across the globe, even if indirectly, in petrol prices.
"Increasing uncertainty on the world stage pushed up the price of the commodity that is still the engine juice of the world. With tariffs, global political uncertainty in the Middle East and the problem of Venezuela, it’s anyone’s guess how much crude might go up. It’s not unthinkable that we could see up to £2 per litre in the UK by the end of the summer.”
An increase to £2 would represent a rise of more than 50% from today’s average and push costs close to the record levels seen during the 2022 energy crisis.
Steven Greenall, adviser at Rayleigh-based Protect & Lend, pointed out that oil prices have already climbed more than 8% over the past month.
He said: “With oil up over 8% on the exchanges over the last month it’s unsurprising petrol is ticking up at the pumps. Tension rising in the Middle East and potential threats to shipping through the Straits of Hormuz are causing some jitters. If further conflict breaks out expect further upward pressure but I’d expect it to be temporary.”