Iran conflict pushing up fuel prices again
Fuel prices are rising again after more conflict in the Middle East, with prices expected to keep climbing in the coming weeks.
RAC head of policy Simon Williams said: “Pump prices have started rising again on the back of last week’s increase in the cost of oil, meaning the savings drivers have been benefitting from recently could start to disappear.
“The average price of unleaded had fallen 9p from an Iran war high at the end of May of 159.53p to a low of 150.59p on 6 July but over the weekend has gone back above 151p. Diesel has also begun to tick up from its conflict low of 164.52p to 164.85p on Monday, having come down 27p since hitting 191.54p in mid-April.
“Drivers embarking on their summer getaways may well see slightly higher forecourt prices again, with both petrol and diesel likely to go up a couple of pence a litre more in the next week or so. The fate of pump prices here in the UK once again rests on whether there are further attacks between the US and Iran.”
New increases
Meanwhile, Luke Bosdet, AA spokesman on pump prices, added: “Despite more than a penny coming off the average price of petrol over the past fortnight, drivers across the UK now face new increases heading towards the start of the summer holidays.
“And it’s always in the back of people’s minds that current pump prices would be 6p a litre worse were it not for the fuel duty cut.
“The new government figures on electricity consumption by electric vehicles give a new perspective on the impact of pump prices that not only remain well above the worst endured by drivers before covid – petrol 142.5p, diesel 147.9p in April 2012 – but frustrate vehicle owners with their volatility. Large numbers of car owners that can are now ditching petrol and diesel for electricity and its more predictable costs.”
