Petrol bomb

Millions of motorists risk being hit by record pump prices edging towards £1.50 a litre as oil passed the $80 a barrel mark.

Investment bank JP Morgan predicted oil could rise to $90 a barrel, with others suggesting it will go even higher.

RAC spokesman Simon Williams said: “If a rise in the oil price were to coincide with a further fall by the pound against the dollar, the effect on prices at the pumps would be severe.”

He said drivers could face an average of more than 142p a litre for petrol and 148p for diesel.