PETROL has soared past £1.50 a litre today at even the cheapest filling stations in York, as oil prices continue to soar following Russia’s invasion of Ukraine.

A litre of petrol at Morrisons’ filling station in Foss Islands Road cost £1.51.7 this afternoon, with huge queues of customers' cars spilling over into the entrance road to the supermarket car park.

Prices were even higher at filling stations in nearby Lawrence Street and Hull Road, with a litre of petrol costing £11.62.9 at the Shell garage and £1.60.9 at the BP garage.

The price of fuel at Morrisons has risen by almost 50 per cent in less than two years, The Press can reveal.

This newspaper reported in April 2020 that petrol prices had plummeted in York to little more than £1 a litre, following a collapse in the international oil market triggered by the coronavirus lockdown.

A litre of unleaded was selling at that time for just £1.027 at Morrisons, after demand was hit by measures to curb the spread of Covid-19.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts last Sunday had risen to 155.62p.

The price of diesel was also at a record high of 161.28p

A year ago the average price per litre of petrol and diesel was 124.32p and 127.25p respectively.

Oil prices have spiked due to concerns over the reliability of supplies amid the war in Ukraine.

The price per barrel of Brent crude – which is the most commonly used way of measuring the UK’s oil price – reached 139 US dollars on Monday, which was its highest level in 14 years.

RAC fuel spokesman Simon Williams said: “The average price of petrol across the UK has jumped by more than 4p in a week topping £1.55 for the first time ever, which means a gallon costs over £7 – something which many older drivers will be struggling to comprehend.

“Diesel, however, has increased by 6.5p a litre to £1.61 or £7.30 a gallon.

“These hikes are unprecedented and will sadly be hitting both homes and businesses hard.”

However, it emerged today that a slump in wholesale fuel costs means drivers could be given relief from record pump prices.

The AA said latest trade figures showed petrol wholesale costs had fallen to 67.7p per litre, down from 75.8p per litre at the start of the week.

Reductions in wholesale fuel costs “offer the hope that pump prices may now level off and hopefully fall”, AA fuel price spokesman Luke Bosdet said.

He went on: “Ironically, motorists rushing to fill up and beat pump price surges the weekend before last may have accelerated pump price rises, as stock turned over faster than normal and higher costs worked their way through to the pump sooner than normal.

“The squeeze on the finances of families with cars continues but the apocalyptic pump price predictions seem much less likely to happen.”