Petrol and diesel prices reach new record high

Fuel prices have hit a new record high at the pump across the UK, tightening the squeeze on UK consumers, the motoring organisation the AA has said.

Over the weekend petrol reached 148.02p a litre, while diesel hit a new record high of 151.57p a litre last Thursday.

Fuel previously hit a record in November, before wholesale and retail prices fell back.

"The cost of living crisis has been ratcheted up yet another notch," said Luke Bosdet of the AA.

The RAC's fuel spokesman Simon Williams said the price of filling a 55-litre family car was now an "eye-watering" £81.41.

"With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks," he said.

On Monday, oil prices hit their highest level since 2014 - to $95.56 a barrel - on fears that a possible invasion of Ukraine by Russia could drive up costs in an already tight market.