- Motorists in the UK are warned that petrol prices are expected to reach 160p per litre from Friday, marking a new record since the start of the Iran war.
- The surge in fuel prices is attributed to the conflict in the Middle East, which caused Brent Crude oil prices to rise significantly.
- Diesel prices are also predicted to hit 180p per litre very soon, potentially rising further to 185p, due to the UK's heavy reliance on diesel imports and increased demand for US diesel.
- Changes in oil prices can take up to two weeks to be reflected at UK petrol pumps, with retailers currently holding back on passing on the full cost, keeping margins slightly below average.
- Experts anticipate continued volatility in oil prices, with Brent oil expected to fluctuate between 80and80and100 per barrel in the near term as the Middle East conflict evolves.
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