Petrol and diesel prices have soared as oil hits $100 per barrel for first time since 2022 amid Middle East conflict which began on February 28 with US military intervention in Iran
Motorists are being encouraged to consider eliminating “non-essential journeys” as fuel prices are predicted to surge due to the escalating cost of oil. AA president Edmund King, who issued the advice, also recommended drivers alter their driving style to be more fuel efficient.
Oil prices – which significantly influence the cost of wholesale fuel – have rocketed above 100 dollars a barrel for the first time since 2022 in reaction to the Middle East conflict. Since the war commenced on 28 February, the average price of a litre of petrol at UK forecourts has risen by 5p to 137.5p, whilst diesel has increased by 9p to 151.0p.
Analysis of the historical link between oil and fuel prices by think tank the Energy and Climate Intelligence Unit indicates that oil trading at 100 dollars a barrel typically results in petrol prices of around 150p per litre, whilst oil reaching 120 dollars a barrel equates to petrol prices of approximately 170p per litre.
Mr King stated: “The longer this conflict goes on, the more effect it will have on the cost of oil. “Any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.
“There will be gradual increases in pump prices, but this shouldn’t happen overnight as fuel has been purchased at previous prices.
“Our suggestion is that drivers should not change their refuelling habits but can consider cutting out some non-essential journeys and changing their driving style to conserve fuel.”
RAC head of policy Simon Williams said: “Average petrol and diesel prices have soared in the past week and are regrettably set to continue climbing, meaning the outlook for UK motorists is becoming progressively grim.”
Unleaded is almost certainly going to reach an average of 140p in the next week or so, whilst diesel looks highly likely to climb to at least 160p a litre.
“We encourage drivers to continue filling up as normal but to shop around for the best prices.”
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