Fuel prices have dropped for the first time since the onset of the conflict in Iran, as per the latest data from RAC. The average cost of petrol decreased to 158.1p per liter, down from 158.3p, while diesel fell from 191.5p to 191.2p per liter.
However, petrol and diesel prices still remain 25p and 49p higher respectively compared to the starting point of the conflict on February 28. RAC mentioned that drivers will be relieved that prices have not increased further.
RAC’s head of policy, Simon Williams, stated that after 46 consecutive days of price hikes, petrol and diesel costs have finally started to decline slightly. He expressed optimism for further reductions in the coming days due to lower wholesale prices.
The surge in fuel prices over the past 46 days was attributed to increased oil costs following the closure of the Strait of Hormuz. With Brent crude dropping to around $98 a barrel during a ceasefire between Israel and Lebanon, there is hope for continued price decreases.
According to the RAC Foundation, the rise in pump prices since the conflict began has resulted in motorists paying £1.4 billion more in fuel bills. Tools like Petrol Prices allow users to check the latest petrol and diesel prices in their area by entering their postcode.
The government’s new “fuel finder” initiative mandates all UK filling stations to report price changes for petrol or diesel within 30 minutes. This data is openly accessible for third-party apps and car navigation systems to display real-time price comparisons.
Retailers failing to comply with the scheme may face action from the Competition and Markets Authority. To save on fuel costs, drivers are advised to avoid pricey motorway service stations and maintain their vehicles regularly for optimal efficiency.