Petrol prices are set to hit record highs next week after escalating fears of a global oil shortage this winter pushed the price of US crude above $92 a barrel. At one point yesterday US light crude spiralled to $92.22 as world markets reacted to the US Government’s latest sanctions on Iran, a surprise fall in US stockpiles and the kidnapping of six oil workers in Nigeria.

Kevin Norrish, analyst at Barclays Capital, said: “The door to $100 a barrel oil is open. It is no longer a question of if but when.” The AA said pump prices were certain to set new records across the UK next week, placing a further strain on motorists who are paying £8.5 million more a day to fill up their cars than in January.

Unleaded is averaging 98.39p, just a fraction below the 98.54p high of a year ago, while diesel is already at a record 100.9p. Paul Watters, the AA’s head of public affairs, said: “We are bound to see new highs next week.”

World oil prices have soared 50 per cent this year and yesterday’s 2 per cent surge sparked fresh calls for Opec to boost production by more than its scheduled increase of 500,000 barrels a day from November 1. David Fyfe, analyst at the International Energy Agency, said: “We need more oil from Opec before the seasonal upswing in demand. Without it, stocks could tighten further.”

US light crude had eased slightly last night to $91.20, up 74 cents, but traders said that investors were buying up option contracts, indicating that they believed crude US would break through $100 by the end of the year.

The latest jump in the cost of crude piled still more pressure on the battered dollar, with its trade-weighted index tumbling to levels not seen for more than three decades. Mounting fears of a severe slowdown in the US economy and an expected cut in interest rates next week combined to see the greenback plumb record lows, driving the euro to a new high of $1.4393.

The pound was also propelled upwards, closing in London at $2.0523, having earlier reached a high for the day of $2.0566.

Economists sounded warnings that the dollar was set to plummet still further next week as markets factor in lower US interest rates, which will make dollar holdings still less attractive to investors.

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