Petrol prices could shoot up to more than £2 a litre if the crises in Libya and other oil-producing nations escalates, according to a Government minister.
Overseas Development minister, Allan Duncan, is worried that the 2008 record price of $147 dollars per barrel could be obliterated if the problems in north Africa and the Middle East aren't eased.
Speaking in a newspaper interview, the former oil trader said that in a worst-case scenario where terrorists take advantage of the crises by attacking tankers and reserves, then prices could even move towards $250 a barrel. This would leave UK motorists facing prices at the pumps of around £2.03.
"I've been saying in government for two months that if this does go wrong, £1.30 at the pumps could look like a luxury," Mr Duncan told The Times. "$200 is on the cards...if anyone is reckless and foments trouble.
"It could be very serious. If crude oil doubles, you're going to have a serious spike [in petrol prices]. Try living without it for a week."
The minister's warnings come as the situation in Libya looks to be deteriorating with forces allied to Colonel Gaddafi battling with rebels near an oil terminal and in a town near the capital, Tripoli.