Fuel prices have finally dropped after the onset of the Iran conflict, as per the latest data from RAC. On Thursday, the average cost of petrol decreased to 158.1p per litre from 158.3p, while diesel went down from 191.5p to 191.2p per litre.
Despite the decline, petrol and diesel are still 25p and 49p more expensive, respectively, compared to prices at the start of the conflict on February 28. The RAC expressed that drivers will be relieved that prices have not increased further.
RAC’s head of policy, Simon Williams, mentioned that after 46 consecutive days of price hikes, both petrol and diesel costs have slightly decreased across the nation. He also stated that with wholesale prices still lower, further reductions of several pence per litre are anticipated in the upcoming days.
Fuel prices had been steadily rising due to increased oil costs for 46 days, following the closure of the Strait of Hormuz. However, with Brent crude dropping to around $98 a barrel during a 10-day ceasefire between Israel and Lebanon, prices have shown signs of easing.
The RAC Foundation estimated that motorists’ fuel bills have surged by £1.4 billion due to the price increases since the conflict began. To track the latest petrol and diesel prices in your area, you can use tools like Petrol Prices, a free online checker.
The Government has launched a new “fuel finder” that requires all UK filling stations to report any price changes for petrol or diesel within 30 minutes. This data is open-source, enabling apps, websites, and car navigation systems to display real-time and comparable prices. The Competition and Markets Authority has warned of action against retailers failing to comply with the reporting scheme.
To save money on fuel, it is advisable to avoid expensive motorway service stations and plan refueling stops strategically. Additionally, regular car maintenance can help ensure optimal fuel efficiency.
