Will the Russia and Ukraine conflict impact your fuel costs?
OIL prices have already surged amid Russia's invasion of Ukraine and that may start hitting UK motorists at the petrol pumps.
Russia is one of the world's largest oil producers and there are concerns that the conflict in Ukraine will hit distribution and supply – here is what you need to know.
Households are already facing pressure on their budgets due to the cost of living crisis and rising energy bills.
The war between Russia and Ukraine may seem like a distant issue happening thousands of miles away.
But it could have an impact closer to home, particularly at the petrol pumps.
There are warnings that the clashes involving Russia and Ukraine will push wholesale oil costs up.
This could then be passed onto motorists with higher prices at the pumps, just days after petrol costs already hit record highs.
Here is what impact the Russia and Ukraine conflict could have on petrol prices in the UK.
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What is going on between Russia and Ukraine?
Russian tanks rolled over Ukraine's borders in the early hours of yesterday morning after president Vladimir Putin ordered his long-feared invasion.
Ukraine has declared a state of emergency as a 200,000 strong Russian force circles the country.
The UK, US and the European Union have set out several economic and political sanctions in an attempt to stop Russia.
But the conflict is creating uncertainty in the stock markets as well as the price of oil and gas due to Russia's influence in these areas.
Why will petrol prices rise?
Petrol prices are linked to the price of oil on the wholesale markets.
The more it costs to purchase and supply the oil, the more petrol stations will have to pay, which is then ultimately passed on to motorists at the pumps.
Russia is the third largest oil producer in the world and there are concerns that the conflict could reduce distribution and supply from the region.
The UK imports just 6% of its crude oil from Russia, according to the BBC.
That may not make a massive difference to supply but the price of oil may increase elsewhere if everyone is seeking alternatives to Russian sources.
Will petrol prices rise?
Oil prices are already going up and feeding into record petrol prices.
Brent crude oil prices surged past $100 per barrel this week, hitting $103.19 yesterday – the highest in eight years.
It fell to around $97.6 but is up by more than $30 since the beginning of the year.
Warren Patterson, head of commodity research at financial services company ING said costs will continue to soar.
He said: "Prices are likely to remain volatile and elevated."
There are already signs of the uncertainty and rising oil prices hitting drivers at the pumps.
The RAC said on Wednesday that the average cost of a litre of petrol or diesel at UK forecourts wasa record 149.30p or 152.68p respectively.
The motoring group warned that it could cost drivers an extra £15 to fill up their tank.
How much is petrol now?
RAC data shows the average unleaded petrol price hit 149.67p per litre yesterday and is likely to rise.
Super unleaded was at 161.85p and Diesel hit 153.05p.
It warned that those filling up with petrol should expect prices to hit the "grim milestone" of 150p in just a matter of days.
How to cut your petrol costs
It is important to not panic buy as that can cause queues around forecourts and limit supply unecessarilly.
There are simple things you can do to make a tank of fuel last longer, such as making sure your tyres are at the right pressure.
While you don't want to drive for miles to get fuel, if you have a choice of petrol station in your area, it pays to shop around.
The website petrolprices.com allows you to do 20 free searches on petrol stations near you to see who has the best rates.
Sarah Coles, personal finance analyst for Hargreaves Lansdown, suggested the government could help with the rising costs.
She said: "40% of the overall cost of petrol is fuel duty and 17% is VAT.
"However, aside from announcing another fuel duty freeze – which has become something of an annual tradition – it’s highly unlikely to step in to protect motorists.
"More of us are having to give serious thought as to how we use our cars, and how we can cut back on fuel."
She suggested removing roof bars and boxes when you don’t need them to cut down on air resistance and to take heavy loads out of the boot.
See how the Ukraine war could affect you in the UK.
Experts have predicted energy bills could rocket to £3,000 as a result of building tensions between the two nations.
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