The average price of petrol in the UK has risen to 155.57p per litre, up from 150.59p on 6 July, according to the RAC, a motoring services company. Diesel has increased to 172.14p, after falling as low as 164p when it appeared the US and Iran might reach a truce.
Oil prices surge on renewed conflict
Renewed US strikes on Iran for 12 consecutive days, along with new attacks on Saudi oil tankers by Yemen’s Houthis, have dashed hopes for peace in the near term. Brent crude prices rose by $4.50 to as high as $98.88 on Thursday, approaching the $100 mark not seen for nearly two months.
RAC warns of stinging summer pump prices
Simon Williams, head of policy at the RAC, said: "Fuel prices are shooting up like a rocket on the back of oil being above $90 for the last days. The average price of diesel has gone up almost 8p, or 5%, to 172.14p a litre in the last fortnight, while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase. All the cuts of the last few months are sadly being reversed, with the price of unleaded now heading back up towards 160p and diesel to a shocking 180p. If petrol was to climb to 160p, it would surpass its Iran war high of 159.53p, seen on 28 May. Unless the renewed conflict is brought to an abrupt end soon, it’s looking like UK drivers are going to suffer some stinging summertime pump prices."
Impact on drivers
Petrol prices are up by 17% compared with before the US-Israeli attacks on Iran, according to the RAC. The rising costs are hitting drivers at the pump, reversing the cuts seen in recent months.
