UK petrol prices reach highest level since Iran conflict began

The short version

• UK average petrol prices have climbed to 163.6p per litre, marking the highest rate recorded since the Iran conflict began on 28 February.
• The RAC warned that drivers are likely to experience further price hikes at the pump over the coming weeks as wholesale costs feed through.
• Wholesale crude oil has risen following the breakdown of peace negotiations and the continued disruption of shipping in the Strait of Hormuz.
• A previously scheduled 5p increase in UK fuel duty remains delayed until the end of December.

Key facts

• The RAC reported that the UK average cost of petrol reached 163.6p per litre, while diesel rose to 184.99p per litre.[BBC News]
• Wholesale Brent crude oil prices rose to around $94 a barrel following the collapse of peace talks, having previously fluctuated between roughly $70 and over $120 during the conflict.[BBC News]
• The official UK markets regulator stated that it has found no evidence of fuel retailers altering pricing strategies to exploit the crisis.[BBC News]
• In May, the UK government postponed a planned 5p fuel duty hike from September to the end of December due to the conflict.[BBC News]
• Current fuel prices remain below the records set in summer 2022, when petrol reached 191.5p a litre and diesel hit 199p a litre.[BBC News]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• UK petrol prices hit highest level since Iran war beganBBC News - Business