The RAC has warned drivers that diesel prices still look likely to rise after jumping 40p in March as Middle East tensions drive oil costs higher
Drivers have been cautioned that diesel costs “still looks likely to rise” while motorists using petrol vehicles have received some potentially positive updates. Following attacks by the US and Israel on Iran, oil prices have rocketed in reaction to Tehran blocking ships using the Strait of Hormuz, driving fuel costs upward.
The typical price of petrol has jumped 20p since the conflict started on February 28, with diesel costs also climbing.
Simon Williams, the RAC’s head of policy, announced this week that diesel had reached an average of 182.77p per litre, meaning filling a standard 55-litre family vehicle exceeded £100 for the first time since December 2022.
A complete tank of petrol would set motorists back £84 with the fuel priced at 152.83p per litre, the RAC said.
Regarding future pricing trends, Mr Williams said: “RAC analysis of wholesale fuel data points towards the price of petrol potentially stabilising if the cost of oil doesn’t increase further, although diesel still looks likely to rise.”
In a Thursday (April 2) briefing, the RAC revealed that average diesel and petrol charges rose by record monthly figures during March.
RAC data highlights that unleaded increased by 20p per litre, climbing from 132.83p on March 1 to 152.83p by the month’s end. This exceeded the previous record monthly surge of 16.6p registered at the close of June 2022.
The average cost of diesel soared by 40p last month, climbing from 142.38p to 182.77p. This represents nearly twice the previous peak recorded in March 2022 when Russia launched its full-scale assault on Ukraine, reports the Express.
Mr Williams said: “March has been truly unprecedented – fuel prices have never risen this fast in a single month.
“But while this is the biggest pence-per-litre increase ever in a month, it’s not as great in real terms as those seen during the 1973 oil crisis when the price of a barrel quadrupled.”
He noted that the escalating fuel costs will genuinely be impacting both families and businesses alike.
Meanwhile, on trading floors, oil surged more than 4% following US President Donald Trump’s first national speech since the Iran conflict began.
Trump said US forces would keep on striking Iran “very hard”, dragging the nation back to the “Stone Ages”. He said the Islamic Republic would face continued bombardment in the immediate future.
Trump has also insisted that protecting the shipping route isn’t America’s responsibility, urging US allies to “go get your own oil”. Oil prices climbed steeply following his comments.
Brent crude, the global benchmark, leapt 5% to $106.22 (£80.29) per barrel. Standard US crude increased 4.2% to $104.36 (£78.89) a barrel.
Chancellor Rachel Reeves indicated on Wednesday (April 1) that there was no likelihood of immediate Treasury assistance for struggling drivers. She told the BBC that she aimed to maintain affordable prices for everyone, highlighting the fuel duty freeze until September as one policy expected to assist drivers.
The planned rise is also being examined, though other nations have already reduced levies on petrol and diesel.
Ms Reeves said she needed to exercise prudence with the country’s finances to prevent rising inflation, interest rates and government borrowing expenses.
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