Why is the cost of petrol and diesel rising by so much?

Petrol costs have broken yet another record, with the average price for unleaded in the UK hitting 158.20p per litre, the latest data shows.

Figures from the RAC show that diesel prices have risen, shooting up to 165.24p per litre on Tuesday.

That's up nearly 3p on Monday’s 162.3p - the largest jump on records dating back to the year 2000, the RAC said.

Read more: Boris Johnson urged to introduce windfall tax on energy firms to offset price hike

As the prices continue to rise, more and more people will be worrying about how they’re going to be able to get from A to B.

Motorists have been warned to expect further rises in price - but why does the cost keep going up?

There are a number of factors at play here. Firstly, the cost is rising due to the ever-increasing price of oil production which has grown by 60 per cent in the last 12 months.

It has also been impacted by a growing need for crude oil, which had collapsed at the start of the pandemic, but is now dramatically rising due to the surge in post-pandemic travelling - as well as the Russian invasion of Ukraine.

More recently, Business Secretary Kwasi Kwarteng announced on Tuesday the UK will phase out the import of Russian oil and oil products by the end of the year in a move matched by US President Joe Biden.

The moves were praised by Ukrainian President Volodymyr Zelensky who said they sent a “powerful signal”.

But experts have explained how this, too, will impact the cost of petrol prices.

Robert Buckley, an energy analyst at Cornwall Insight, told the BBC although the UK's ban was “largely symbolic” because only 8 per cent of its energy comes from Russia, it would likely combine with other factors and push up prices.

“This is a global market and you’ve got