British motorists are being warned over the possibility of petrol prices soaring to £1.60 a litre after Russia’s military assault on Ukraine sparked a hike in oil prices. The price of Brent crude oil hit its highest level in eight years after increasing by 6.3% to 102.90 US dollars per barrel shortly after 8am on Thursday. Average fuel prices at UK forecourts are already at record highs, and the situation is expected to worsen as retailers pass on further rises in wholesale costs. RAC fuel spokesman Simon Williams said: “Russia’s actions will now push petrol pump prices up to £1.50 very soon. “The question then becomes where will this stop and how much can drivers take, just as many are using their cars more and returning to workplaces. “If the oil price was to increase to 110 US dollars, there’s a very real danger the average price of petrol would …
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