Increases in fuel prices slow dramatically
Fuel prices have gone up for 43 days in a row but increases have slowed dramatically in recent days, according to the latest data from the RAC.
Petrol and diesel prices have escalated since the start of conflict in the Middle East, when the average price for petrol in the UK was 132.9ppl and 142.4ppl for diesel.
The RAC estimates the rise in prices at the pumps has added £307m to the fuel bill for UK drivers.
However, its analysis suggests the rapid upwards trajectory has almost ground to a halt since the end of last week.
Price fluctuations
RAC head of policy Simon Williams said: “While pump prices have technically risen for a record 43 straight days, the increases have almost ground to a halt. The average price of petrol now stands at 158.27p, only having gone up a quarter of a penny since reaching 158.03p on Thursday. Similarly, diesel is now at an average of 191.5p, having first climbed to 191.11p on Thursday too.
“With dated Brent crude under $100 a barrel for the last three trading days, there’s now scope to see prices finally starting to go the other way. But, as always, it’s a highly volatile situation with much depending on what happens with the Strait of Hormuz.
“And, if the oil price was to go back up again this week, any hopes of slight forecourt reductions will inevitably disappear.”
