Drivers in the UK face potentially sky-high petrol and diesel prices at the pump as conflict in the Middle East continues to hit economies worldwide.
Petrol and diesel prices have hit their highest in nearly 20 months this week, latest data shows, increasing by between 4.68p and 8.59p per litre since Saturday 28 February, when the US launched strikes on Iran.
On average, drivers can now expect 137.51p per litre of unleaded petrol, and 150.97p per litre of diesel, at the pump.
This means the cost of filling up a 55-litre family car has increased by as much as £4.72 in just over a week, with further price rises expected in the coming days.
The rise has been fuelled by a spike in oil prices, which have a significant effect on the cost of wholesale fuel. Brent crude, the global benchmark for oil prices, jumped to over $100 a barrel on Monday for the first time since 2022.
The rate had already been at a seven-month high before Saturday’s attack, but remained at $73 a barrel before the outbreak of the conflict.
Conflict has spread across the Middle East after the US and Israel carried out strikes on Iran on Saturday 28 February, which were followed by retaliatory Iranian attacks on targets in the United Arab Emirates (UAE), Qatar, Bahrain, Jordan and Iraq.
Blasts continue to be reported across the region, as America and Israel continue airstrikes on Iranian targets. As fighting escalates, Iran has warned that it will “set fire” to any ships trying to pass through the Strait of Hormuz.
The strait provides the only passage from the Persian Gulf to the open ocean, making it a crucial point for the oil industry. Around 20 per cent of the world’s gas and oil is shipped through the waterway, with the Iranian threat proving highly damaging for global trade.
In light of the situation, AA president Edmund King has urged UK motorists to consider cutting out “non-essential journeys” as fuel prices rise.
He said: “The longer this conflict goes on, the more effect it will have on the cost of oil.
“Any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.
“There will be gradual increases in pump prices, but this shouldn’t happen overnight as fuel has been purchased at previous prices.
“Our suggestion is that drivers should not change their refuelling habits but can consider cutting out some non-essential journeys and changing their driving style to conserve fuel.”
Analysis of the historic link between oil and fuel prices by think tank the Energy and Climate Intelligence Unit shows oil trading at 100 dollars a barrel typically results in petrol prices of about 150p per litre, while oil hitting 120 dollars a barrel means petrol prices of about 170p per litre.
RAC head of policy Simon Williams added: “Average petrol and diesel prices have rocketed in the last week and are unfortunately likely to keep on rising, so the situation for UK drivers is looking increasingly bleak.
“Unleaded is almost certainly going to reach an average of 140p in the next week or so, while diesel looks highly likely to climb to at least 160p a litre.
“We encourage drivers to continue filling up as normal but to shop around for the best prices.”
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