Drivers have been panic buying to beat the rising prices
Diesel prices have surged to a 16-month high since the start of the conflict in the Middle East, new figures suggest. The RAC said the average price of a litre of the fuel at UK forecourts has gone up by nearly 6p since Saturday to 148p.
It has not been this expensive since mid-August 2024. Average petrol prices have risen by almost 4p per litre since Saturday to 137p. The increases mean filling a typical 55-litre family car with petrol has become £2 more expensive, with a rise of about £3.30 for diesel cars.
Disruption to tanker traffic in the Middle East has sparked a rise in oil prices, which have a significant effect on wholesale fuel prices. The price of Brent crude oil has risen by about 21% over the past week, exceeding 88 US dollars (£66) a barrel on Friday.
RAC head of policy Simon Williams said: “While wholesale costs for any retailer buying in new stock will have gone up, it normally takes two weeks for price changes to work their way through to the forecourt. Brent crude jumped to 85 US dollars (£64) on Thursday, something we haven’t seen since July 2024.
“If the price of a barrel stays at this level, or increases, then further forecourt rises will be inevitable. While the rate of increase has been fast, we’re fortunately a long way from the record prices of 2022 when the average price of petrol hit 191.5p and diesel 199p.”
Analysis of the historic link between oil and fuel prices by think tank the Energy and Climate Intelligence Unit (ECIU) found that oil trading at 100 dollars (£75) a barrel could see petrol prices hit 150p per litre. Earlier this week, the AA said there was “no need for drivers to break their refuelling routine”.
Huge queues have been spotted at petrol stations across the UK after motorists were warned about rising fuel prices – and some pumps ran dry.
Iran has launched retaliatory attacks, disrupting shipping in the Strait of Hormuz — a key route that carries around 20 per cent of the world’s oil and gas supplies. Hundreds of ships have been anchored outside the strait following attacks in Gulf waters, heightening concerns about the potential impact on UK fuel prices.
