PETROL PRICES HIT HIGH – Fuel costs rise as Iran war pushes up oil prices
UK petrol prices have climbed to their highest level since the start of the Iran conflict, with the average cost of unleaded reaching 160 pence per litre, according to the RAC.
The increase follows renewed instability in the Middle East, which has driven up global oil prices after the collapse of peace talks between the United States and Iran. Analysts say higher crude oil prices are feeding through to motorists, with every 10-dollar increase in the price of a barrel of oil adding around 7 pence to the cost of a litre of fuel.
Diesel prices have also risen, with the RAC warning they could reach 185 pence per litre in the coming weeks if oil prices remain elevated. Despite the recent increases, fuel prices are still below the record highs seen in 2022 following Russia’s invasion of Ukraine.
The government has delayed a planned 5 pence rise in fuel duty until the end of the year, while regulators say they have found no evidence that retailers are unfairly increasing prices during the conflict.
