PETROL prices in Aberystwyth have crossed the £1.50 a litre mark and is likely to rise further, one watchdog has warned.

The cost of a litre of unleaded petrol at Morrisons Supermarket in Aberystwyth on today is 151.9p with diesel costing 152.9p.

The price of a barrel of Brent crude oil soared rose to 106.61 US dollars on Thursday, its highest level in nearly eight years and is having an impact on forecourts across Wales.

Russia is the world’s second largest exporter of crude oil, which has prompted concerns that sanctions could restrict supplies and further drive up global prices.

With average fuel prices at UK forecourts at record highs, there are fears motorists could be hit even harder in the pocket as retailers pass on the latest rises in wholesale costs.

The RAC has warned that prices could rise even further as the Ukranian conflict continues and sanctions against Russia take hold.

If petrol reaches the 160p threshold, it will take the cost of filling up a typical family car with a 55-litre tank to a whopping £88.

RAC fuel spokesman Simon Williams said: “Both petrol and diesel reached new record levels yesterday (Sunday).

“If the oil price was to increase to 110 US dollars, there’s a very real danger the average price of petrol would hit £1.55 a litre.

“This would cause untold financial difficulties for many people who depend on their cars for getting to work and running their lives as it would skyrocket the cost of a full tank to £85.

“At 120 US dollars a barrel – without any change to the exchange rate which is currently at 1.35 US dollars – we would be looking £1.60 a litre and £88 for a full tank.”

A year ago, the average petrol price stood at 122.50p a litre, while diesel was at 125.99p.

A fuel campaign group is calling on the UK Government ot cut fuel duty as prices soar.

FairFuelUK says a cut in fuel duty will prevent panic buying at the forecourts.

Howard Cox, FairFuelUK’s founder says: "Every single aspect of our economy is influenced by the price of oil.

“Brent Oil is predicted to hit over $110 per barrel. So, the most important help for voters from the Treasury, is to cut fuel duty.

“That is the most sensible fiscal move in the lead up to the Chancellor’s Spring Financial Statement."

"The Treasury knows full well, petrol and especially diesel prices at the pumps, critically affect inflation, logistics, business viability, jobs, and GDP. As a nation that continues to tax drivers at the highest levels anywhere in the world, its time, way past time, the Chancellor returned some of the incredible huge VAT double taxation windfall from the last year’s high pump prices, to drivers in the form of a 5p cut in Fuel Duty."