Fuel prices fall in the wake of US Iran deal
Fuel prices have fallen following news that the US has agreed a deal with Iran.
According to the RAC, the average price of diesel is now 176.77p, having fallen 14.77p since its peak of 191.54p on 15 April.
Meanwhile, petrol now averages 155.89p across the UK, down by 3.64p since its Iran War high of 159.53p on 28 May.
RAC head of policy Simon Williams said: “The oil price has already dropped as a result of the US Iran deal to open the Strait of Hormuz which is good news for drivers as this should quickly bring prices down at the pumps.
“We saw the cost of both petrol and diesel rocket at the start of the conflict, so we hope the fall will be just as quick. At its worst, the average price of petrol rose by 20% to 159.53p which was 27p more than it was on 28 February. Diesel peaked at 191.54p on 15 April which was a 49p increase, or 19%, since the start of the conflict.
“Prior to the deal being announced we were already expecting prices to come down significantly. We should see the price of petrol reduce to 148p a litre from its current average of 156p in the next couple of weeks. Diesel, which currently costs an average of 177p, ought to fall to under 160p.”
