Related Articles
Brits are being warned that the ongoing conflict in the Middle East could continue to impact fuel prices at home.
Fuel prices have shot up since the Iran War kicked off last month. In the space of less than three weeks, the cost of filling up has markedly increased for both petrol and diesel drivers.
The RAC has warned that there could be worse to come with prices on a “crash course” as the conflict in the Middle East sends the price of crude oil up. Petrol prices in the UK have risen by around 10p on average between the end of February and this week.
For diesel drivers, it’s doubly as worrying, with a spike of around 20p in the same period. RAC’s head of policy Simon Williams said the rapid change “is really starting to hurt drivers who do a lot of miles”.
On February 28, the average petrol price was 132.83p per litre, while diesel was priced at 142.38p. By Tuesday, March 17, the average cost of a litre of petrol had increased by 7.1 per cent to 142.29p.
At the diesel pump, a whopping 13.8 per cent surge in the same time period has meant it costs 162.06p on average for a litre of fuel. According to the RAC, that works out at £11 more for a fuel tank of diesel compared to just three weeks ago.
The price of both fuel types have risen most days since the start of the month and although they have not yet reached the heights of summer 2022, where diesel peaked at more than 199p per litre and petrol was at 191p, the spike caused by the Iran War is worrying.
Petrol is expected to top out at around 148p per litre, according to Williams, if oil barrel prices stay around $100. But diesel could keep rising to 170p, which would be an increase of almost 20 per cent in just a few weeks.
Following the RAC’s latest Fuel Watch, Williams said: “Petrol has now increased by 10p a litre since the start of the conflict in Iran and diesel by double that. This is really starting to hurt drivers who do a lot of miles, and especially for those with diesel vehicles.
“At 162p a litre they’re now paying £11 more than they were at the end of February at £89 a tank. If oil stays around the $100 a barrel mark, then the price of petrol should not go above 148p a litre. The outlook for diesel is worse as it appears to be on a crash course to an average price of 170p.
“Filling up at the cheapest forecourt is now more important than ever and there can be significant differences in prices from area to area. It could be worth travelling a little further than usual, to get the most for your money.”
But there are fears that oil prices could rise further after overnight strikes by Iran caused “significant damage” to Qatar’s Ras Laffan industrial city – a site central to global energy supply.
Ras Laffan handles nearly all of Qatar’s liquefied gas exports, with the country supplying 20 per cent of global liquefied natural gas. Any disruption here can have immediate worldwide implications.
And to make the situation even more volatile, Donald Trump yesterday threatened to blow up Iran’s most strategically vital gas facility, which could further impact global fuel prices.
After the spike this week, where petrol prices hit an 18-month high, Williams called on the authorities to work together to ensure everyday motorists weren’t being punished.
He said: “Drivers deserve – and should expect – to be treated fairly when it comes to filling up, especially with pump prices still heading north. We therefore hope the meeting between the fuel industry and government on this important issue is productive.”
Anyone looking to find the cheapest petrol or diesel in their area can use the Fuel Finder website. The UK Government-backed site allows drivers to search the garages around their home – or any location – to compare prices.
The search can be filtered by distance and brand in order to meet any motorist’s needs. All stations must now update their fuel costs within 30 minutes of any price change, so the tool is up-to-date and ensures drivers are informed about the best deals near them.
Source link
