UK petrol prices poised to hit record 150p a litre soon, warns RAC

Analysts warn of 10% inflation and weaker growth across western economies as Ukraine crisis raises oil price to $99 a barrel

UK petrol prices are poised to hit a record 150p a litre later this week after the worsening tension in Ukraine added fresh pressure to the cost of living crisis facing households.

Crude oil prices reached more than $99 a barrel at one point on Tuesday in response to Vladimir Putin's decision to recognise the independence of two breakaway regions in eastern Ukraine. Prices later slipped back after markets viewed the west's initial sanctions response as weak.