The cost of petrol has reached an all-time high, with prices climbing 28p a litre in the last 12 months.
Data from RAC Fuel Watch shows that the average price of unleaded hit 142.94p per litre on Sunday evening.
This surpasses the previous record of 142.48p per litre, which was set over nine years ago.
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In recent months, long queues were pictured at petrol stations across Wales due to fuel shortages and panic buying.
On Monday an RAC spokesperson Simon Williams said: “This is truly a dark day for drivers, and one which we hoped we wouldn’t see again after the high prices of April 2012. This will hurt many household budgets and no doubt have knock-on implications for the wider economy.
“The big question now is: where will it stop and what price will petrol hit? If oil gets to $100 a barrel, we could very easily see the average price climb to 150p a litre.
“Even though many people aren’t driving as much as they have in the past due to the pandemic, drivers tell us they are just as reliant on their cars, and many simply don’t have a choice but to drive. Those on lower incomes who have to drive to work will seriously struggle to find the extra money for the petrol they so badly need.
“We urge the Government to help ease the burden at the pumps by temporarily reducing VAT and for the biggest retailers to bring the amount they make on every litre of petrol back down to the level it was prior to the pandemic.”
The main reason for the dramatic increase is thought to be the price of oil. This has jumped from $40 a barrel a year ago to around $85 now. Experts believe that this could increase to $90 by the end of the year.
Another factor is September’s switch to greener E10 petrol, which increased average forecourt prices by 1p per litre.
Since April 2020, retailers have also increased their margins from around 2p per litre to as much as 7.5p per litre.
The RAC and others are now urging the UK Government to temporarily reduce VAT on fuel to combat this rising cost.
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