Published On: Fri, Feb 27th, 2026
Business | 3,121 views

‘Fill up now’ alert as petrol ‘could hit £2 per litre’ | Personal Finance | Finance


Prices are back on the rise (Image: cokada via Getty Images)

Petrol costs in the UK are on the rise as experts encourage Brits to purchase fuel before prices escalate further, with “heightened tensions” globally triggering a surge in oil prices. Average petrol prices at filling stations have increased over the past two weeks in the UK, following a steady decline since mid-December.

The current average stands at 131.71p per litre – a rise from 131.46p on February 9, according to experts this week. They attributed the increase in petrol prices to global instability, with Brent crude surpassing $71 per barrel – the highest since July 2025 – due to escalating tensions in the Middle East and the ongoing RussiaUkraine conflict.

They also pointed out that Donald Trump‘s tariffs are causing ripples worldwide. If a significant supply disruption were to occur, such as direct military action involving the US and Iran or a blockade of the Strait of Hormuz, then prices could spike even more.

However, it remains well below the peak of petrol prices in July 2022 when it hit 191.55p following Russia’s invasion of Ukraine.

Tony Redondo, founder of Newquay-based Cosmos Currency Exchange, advised Brits to fill their tanks while they can, as prices at the pump will undoubtedly continue to climb.

The rate of inflation dipped last month, according to official figures

Drivers have been urged to fill up (Image: PA)

He added: “The recent rise to 131.71p per litre signals a definitive pause in the downward trend UK drivers enjoyed earlier this year. This uptick is primarily driven by global volatility, with Brent crude climbing above $71 per barrel – the highest since July 2025 – due to heightened tensions in the Middle East and the ongoing Russia-Ukraine conflict.

“Domestically, while the 5p fuel duty cut remains in place until September 2026, retailers are rapidly passing these wholesale increases to the pumps. Barring a major supply disruption, such as direct military action involving the US and Iran or a blockage of the Strait of Hormuz, prices are expected to settle between 133p and 135p in the short term.

“While we aren’t approaching the 191p record highs of 2022, the price ‘floor’ has likely been reached. It is wise to fill up now if you find a station near the current average, as retail prices typically rise much faster than they fall.”

Samuel Mather-Holgate, managing director and IFA at Swindon-based Mather and Murray Financial, warned motorists could face prices reaching £2 per litre in the UK by summer’s end.

He continued: “Donald Trump’s tariffs really are felt across the globe, even if indirectly, in petrol prices. Increasing uncertainty on the world stage pushed up the price of the commodity that is still the engine juice of the world.

“With tariffs, global political uncertainty in the Middle East and the problem of Venezuela, it’s anyone’s guess how much crude might go up. It’s not unthinkable that we could see up to £2 per litre in the UK by the end of the summer.”

Steven Greenall, advisor at Rayleigh-based Protect and Lend, suggested that escalating geopolitical tension worldwide could trigger higher prices.

He added: “With oil up over 8% on the exchanges over the last month, it’s unsurprising petrol is ticking up at the pumps. Tension rising in the Middle East and potential threats to shipping through the Straits of Hormuz are causing some jitters. If further conflict breaks out, expect further upward pressure, but I’d expect it to be temporary.”

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