Both petrol and diesel prices could rise by up to 5 pence per litre as a result of the threat of conflict in the Ukraine as fuel traders have begun buying stock in bulk.

It’s almost certain that the price will be driven up by as much as 5p per litre, and if war was to escalate, it could even rise further, potentially by as much as 10p, which was seen in the first Gulf War. 

This is a disappointing outcome for motorists and business owners, as just recently petrol prices fell just below 130p per litre: the first time since February 2011 that this had happened. Diesel prices are also at their lowest since mid 2012, coming in at 137.27p per litre.

However, wholesale prices of fuel have been slowly on the rise even before the crisis in Ukraine, with a recent weakening of the pound against the dollar and a decline in oil stocks adding to an increase in price.

Shares in BP have also suffered, as it has a 20 percent stake in Russia’s state-controlled oil company Rosneft, and has seen a fall of almost 2 percent of the value of its shares.

Currently Russia exports approximately 5 million barrels of oil per day, and owns approximately 30 percent of Europe’s gas demand, of which about half of it flows through Ukraine, leading economists to fear that the price of fuel for the home will also increase.