Rising fuel prices add £307m to prices at the pumps
UK drivers have paid an additional £307m in fuel costs since the Iran conflict started, according to the RAC Foundation.
Before the war started the average price for petrol in the UK was 132.9ppl and 142.4ppl for diesel.
However, petrol prices have now risen by 12% to 149.44ppl while diesel has gone up by 23% to 175ppl.
Steve Gooding, director of the RAC Foundation, said: “This puts a financial price on the war not just for UK drivers but also the nation’s businesses.
“Whether you are running a household or a company, fuel prices make up a significant part of the budget. Even those who don’t drive will be impacted by higher transport costs as firms pass on their additional costs to their customers. All of which is adding to the cost-of-living crisis.”
He added:
“Fuel consumption is notoriously inelastic, to use economics jargon, which means that, certainly in the short term, people have little option to change the way they live and so they are stuck with footing the refuelling bill despite the increase in cost.”
