Petrol prices could hit a record high as the soaring cost of oil reaches the pumps.
Figures show 143p a litre for unleaded and 148p for diesel is on the cards – beating the previous highs in April 2012 of 142.48p and 147.93p.
The RAC said motorists face a squeeze on budgets if oil hits $100 a barrel.
It is at $64 now and is likely to reach $80 later this year.
JP Morgan warns it could reach $100 in the next 12 months.
Only a strong pound is keeping prices down but if the dollar rallies “it is likely to lead to higher costs for drivers”, the RAC said.
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And the AA revealed the cost of filling up has risen by more than £4 since December.
Average petrol prices are now 121.85p for unleaded and 124.9p for diesel – both up by 3p a litre month-on-month.
And with a fuel duty hike on the cards in the Chancellor’s Budget on March 3, experts fear a bumpy ride.
The RAC’s Simon Williams said: “The last thing drivers, and possibly the economy, need is a fuel duty increase.
“It could put pressure on lower-income households and might force everyone who depends on their cars to consider cutting back on other spending.”
