The RAC says UK petrol and diesel prices are expected to drop by “several pence” a litre in the short-term after 43 days of rises following the start of the Middle East war
British drivers are finally set for some desperately needed relief at the pumps with fuel prices predicted to tumble within days. After weeks of wallet-busting hikes sparked by the conflict in the Middle East, new analysis suggests the nightmare for motorists is finally cooling off.
The RAC has handed a glimmer of hope to millions, predicting that both petrol and diesel costs will drop by “several pence” in the very near future. It comes as a welcome U-turn after a brutal period for UK bank accounts.
Since the conflict kicked off on February 28, the cost of filling up has skyrocketed by a staggering 25p per litre for petrol and an eye-watering 49p per litre for diesel.
Tuesday saw prices edge even higher, with average pump costs hitting 158.3p for petrol and a massive 191.5p for diesel.
But experts believe the peak has finally been reached, meaning the substantial rises that have crippled commuters are finally about to shift into reverse.
RAC head of policy Simon Williams said: “Pump prices appear to have finally stopped rising after 43 days of increases.
“Wholesale fuel costs are now significantly lower than they were at the start of the month, so forecourt prices should now begin to come down.
“As things stand, we’d expect petrol and diesel to drop by several pence a litre in the next week or so.”
Mr Williams said it would be “very interesting to see if this plays out as the data indicates”.
He added: “We hope it does as drivers could do with some relief at the pumps, with a tank of petrol for a family car now costing £87 and the diesel equivalent £105 – £14 and £27 more than they did at the start of the conflict.”
Motoring research charity the RAC Foundation calculated that pump price increases since the war’s onset have resulted in drivers’ fuel expenses being £1.2 billion higher.
The calculation relies on average daily pump price increases and last year’s fuel consumption figures.
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