The price of petrol could reach £1.20 per litre by the upcoming August Bank Holiday weekend.

The cost to fill up could soon be at an all-time high as petrol prices continue to rise across Europe.

A full tank is now averaging around seven pounds more than at the same time last year, with fuel being added to the list of consumer goods that are all becoming significantly more expensive. The rising cost of petrol follows similar increases in insurance, gas and bread that have all seen warnings issued to UK consumers.

A forecasted increase of 4p per litre will see prices rise from the past weekend’s average price of £116.65p per litre to around site at around£ 1.21p by the end of the month, and comes on the back of steadily increasing oil prices. The predictive warning has been issued by RMI Petrol, which represents more than 6,000 of the 9,000 British forecourt sites.

Chairman of RMI Petrol, Brian Madderson, said that the upsurge in the price of crude oil was to be expected but disappointing nonetheless. He added that the increase will see independent retailers, already fighting for survival, placed under additional pressure. The combination of falling volumes and tighter margins is expected to hit rural retailers particularly hard.

Madderson claims the total supply chain will feel the effects of the crude oil increase, which will most likely result in a 4p per litre rise occurring over the next three weeks. Should this eventuate, the average price of £1.21p per litre would only be a fraction below the £1.21.61p all-time record high.