Petrol prices 'could rise by 5p' by end of March

Get ready for even higher prices at the pumps because oil prices have continued to climb, hitting their highest levels in two-and-a-half years, amid fears the unrest in Libya could spread to larger oil producing nations.

Brent crude hit $119.79 a barrel in early trade this morning, before falling back a bit. The last time prices were this high was in August 2008 and analysts are predicting more gains may be on the way, with Brian Madderson, Chairman of the Petrol Retailers Association warning that another five pence could be added to a litre of fuel.