Fuel prices set to hit £5 per gallon

• Crude oil has risen to $72 a barrel
• Unleaded fuel almost £1 a litre
• Cause is concern over supply from Iran

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Motorists should brace themselves and pay over £1 a litre for fuel, as the price of crude oil hits record highs on markets.

Crude oil soared above $72 a barrel yesterday, compared with relatively stable prices of $20 to $30 in 2003, which means prices at the pump will also increase.

Reports show that some London forecourts have already started charging more than £1 for a litre of fuel, a price tag which could quickly spread across the country.

The AA reports that the average price for a litre of unleaded rose half a penny over the Easter weekend to 97.6p for diesel and 94.4p for unleaded. If the crude oil highs continue and pump prices increase to £1.10 a litre, motorists will be paying £5 for a gallon of fuel.

The latest spike in crude oil prices has been put down to concern over supply from Iran.

Visit our advice section here for some tips on how to conserve fuel.