New data from motoring research charity the RAC Foundation shows drivers have paid an additional half a billion pounds for petrol and £1.5billion for diesel in just over a month
UK drivers have forked out an extra £2billion in fuel since the Iran war sent prices at the pumps soaring.
New data from motoring research charity the RAC Foundation shows drivers have paid an additional half a billion pounds for petrol and £1.5billion for diesel in just over a month.
The average price of petrol on Thursday was 156.98p per litre, down from a peak of 158.31p, while diesel was 188.53p per litre, down from 191.54p.
Before the start of the Iran war at the beginning of February, the average price of petrol was 132.83p per litre and diesel was 142.38p per litre.
The analysis also shows the additional VAT received by the Treasury exceeds £336million. The figures are based on average daily pump price rises and last year’s fuel consumption rate.
Steve Gooding, director of the RAC Foundation, said: “This is another unwelcome milestone for millions of motorists as the financial pain caused by the war in the Persian Gulf continues to mount up.
“As ministers themselves have warned, the economic effects of the conflict could last for months even after it has ended.
“The owners of diesel vehicles have borne the largest brunt of the pump price hikes, many of whom will be commercial users with little choice but to pass on their costs to their customers.
“Whether we are drivers or not, we all end up feeling the pinch from sky-high forecourt fuel prices.”
Petrol and diesel prices have soared following the closure of the Strait of Hormuz, which has led to a sharp spike in crude oil prices. Crude oil is the primary material used for producing fuel.
The latest spike saw oil prices soar past $126 (£94) a barrel at one stage on Thursday – its highest level since 2022 and the Russian invasion of Ukraine – over fears of fresh US strikes on Iran.
Brent crude later fell to just over $121 (£89) a barrel. It comes as peace talks between the US and Iran appear to have broken down, with news site Axios reporting that the US military is set to brief President Donald Trump on new action against Iran.
The US President told reporters in the Oval Office on Wednesday there would be no deal until Tehran committed to not having a nuclear weapon.
UK households are also set to face higher energy costs this summer due to the war, with Ofgem to announce its next price cap level for July next month.
