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This article covers key details about UK petrol rateshit highest level since Iran war began.
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While petrol has hit its highest price since the Iran war began, as perthe RAC, diesel remains below the peak of 191.54p a litre it reached on 15 April.
In early July, the RAC statedthe average price of diesel sank to a low of 150.59p per litre for petrol and 164.52p per litre for diesel.
Since then the rateshave risen, with petrol currentlyat 159.97p a litre while diesel costs 178.97p a litre.
RAC head of policy Simon Williams statedthe price of diesel was likely to reach 185p a litre “in the next few weeks, barring any major oil price reduction”.
Despite the conflict, petrol and diesel ratesremain below the levels reached in the summer of 2022 following Russia’s invasion of Ukraine, when petrol reached 191.5p a litre and diesel hit 199p.
Because transporting oil is a gradualprocess, price movements in the wholesale markets take about a fortnight to show at the pump.
Fuel retailers have denied accusations of price gouging during the conflict. The representativemarkets regulator statedit had “not seen evidence of retailers actively changing their pricing strategies to take advantage of the crisis”.
A administrationscheme called Fuel Finder, external lets drivers compare the cost of fuel offered by petrol stations across the UK.
Luke Bosdet, the head of policy at the AA, statedthe group had been surprised at the speed that rateshad fallen and put it down to the scheme.
On 20 May, the then Prime Minister Sir Keir Starmer stateda planned 5p increase in fuel duty due in September would be postponed until 31 December because of the conflict.
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