Petrol prices soar to new high at £1.50 a litre but drivers told NOT to panic buy

PETROL prices have soared to a new high at £1.50 a litre - but drivers have been urged NOT to panic buy.

The cost of diesel has also risen to 154.72p a litre on Monday, according to the RAC.

Petrol's price hike means the average family are forking out £83 to fill up their 55-litre car - while the total for a diesel is £85.

It marks a 1.5p hike since Thursday last week and is a new record cost.

Oil prices hit $103.19 a barrel after Putin declared war on Ukraine - which then lead to the price hike, RAC spokesman Simon Williams told .

Russia is one of the world's largest producers of oil, and concerns are building over how the Ukraine crisis will impact distribution and price of supplies.

Mr Williams added: "Prices at the pump will continue to go up as retailers buy in new stock at much higher prices.

"This will week will be an important one in terms of the oil price as it's likely to reveal the speed of the inevitable upward trend or the extent of the volatility in the market."

Drivers should not stockpile fuel - which could see demand rise, and potentially costs go up even further as a result.

In September last year, the UK experienced a petrol shortage which led to huge queues at garages.

But Edmund King, the president of the AA, said at the time that it was actually the panic buying rather than supply chain issues causing the shortage of fuel at some petrol stations.

As people filled up more often than they would usually, garages struggled to keep up with demand.

The crisis in Ukraine isn't only driving up fuel costs - Brits could see their energy bills surge too.

Russia is one of the world's largest oil and gas producers, supplying Europe around 40% of it's gas.

While Britain only imports around 5% of it's gas from Russia, the UK relies on pipelines that run through Belarus, Poland, Ukraine and into Germany.

Should tension with Russia continue, Putin could opt to cut off supplies to Europe all together.

Households are already facing pressure on their budgets due to the cost of living crisis and rising energy bills.