According to analysis released by motoring association AA and published by Press Association, petrol prices could jump by as much as 26 cents (18.7 pence) per liter in the event of a Brexit, due to fears over a fall in the value of the UK pound and an expected rebound in global oil prices.
— Alex Hegenbarth (@AlexHegenbarth) February 18, 2016
The study's "worst case scenario" is based on concerns over the value of the pound, given speculation from Goldmach Sachs that the British currency could decrease by 20 percent if the country votes to leave the EU.
AA warned that a two-car family could be forced to pay an extra US$708 (£494) a year more for petrol, if the pound drops in value and the price of oil rises to more than US$90 a barrel.
While global oil prices have been hovering around US$30 a barrel, analysts have suggested prices could increase following a joint decision from Russian and Saudi Arabian officials to freeze oil production.
The speculation over oil prices appears to boost the argument for those looking to stay in the EU, as both 'In' and 'Out' campaigns push the case that British businesses and citizens will be better off economically alone or as part of the EU.
Edmund King, AA president, said: "We don't take a view as to whether the UK should leave the European Union as that is up to the people to decide in a referendum.
"However, even before the referendum vote, it seems that financial reports suggest leaving the EU could lead to a sharp fall in the value of the pound which in turn could hit pump prices within days.
"The instability of the pound — combined with Opec countries already looking to freeze oil output and the usual increase in fuel use during the US motoring season — could mean a significant hike in petrol costs."