Petrol prices have hit record highs in the last week, with an average of £1.50 per litre for the first time.
With the state of current affairs, betting experts OLBG reveal drivers can expect a further price hike on the forecourts as the possibility of £2 per litre of unleaded petrol is now at more than a 30% possibility by bookmakers.
They have also worked out how likely it is that prices will get as high as £2.50 a litre.
There are expected to be further increases in prices across the country. In some motorway service stations prices of £1.80 have already been seen and paid therefore drivers should make choices of where is best to fill up in order to save money.
Highest potential petrol price in the UK in 2022
Graph showing the growth in price per litre of petrol each year
As with many things petrol used to be much cheaper, however the sudden increase this year has been one of the sharpest rises in price ever seen in the UK.
The highest price of petrol was recorded in 2013 with average prices hitting 138.9p and 2022 prices are getting close to the 2013 high.
Prices started to increase during the pandemic and lockdown, and were made worse with supply chain issues as lockdown eased around the world.
Some forecourts even ran out of fuel for days at a time.
In the last week the price of crude oil, used in petrol and diesel production, has rocketed because of the war in Ukraine.
Sanctions imposed on major oil producer Russia will send prices soaring even higher in the days ahead.
For more information visit the Petrol Price odds on the OLBG site here: https://www.olbg.com/news/current-affairs-betting-30-chance-petrol-price-will-hit-2-litre
