The price of refueling an average family vehicle with diesel has surged past £100 as costs continue to escalate due to the ongoing conflict in the Middle East.
Recent figures released by the RAC reveal that the average diesel prices at UK gas stations reached 182.8p per liter on Tuesday, marking a 40p increase since the commencement of the conflict on February 28.
This surge has resulted in the total expense of filling a standard 55-liter family car reaching £100.52, surpassing the £100 mark for the first time since December 2022. Meanwhile, the average cost of petrol now stands at 152.8p per liter, up by 20p since the conflict began.
Simon Williams, head of policy at RAC, indicated that petrol prices might stabilize if the cost of oil remains steady but projected further increases in diesel prices.
A report by the RAC Foundation highlighted that drivers have collectively spent an additional £409 million on diesel and £135 million on petrol due to the recent price hikes.
The director of the RAC Foundation, Steve Gooding, estimated that motorists could face an expenditure of over a billion pounds at fuel stations in the coming weeks if the current rate of increment persists. He emphasized that drivers have already paid well over half a billion pounds extra for fuel since the conflict began.
The rise in wholesale fuel prices, driven by soaring oil prices following disruptions in the Strait of Hormuz, has led to Brent crude hitting $116 a barrel. Approximately 20% of the world’s oil and gas normally flows through this crucial strait.
To assist motorists in saving money, the Government has recommended comparing fuel prices and provided a list of third-party fuel-price apps and websites. Since February 2, all UK gas stations are mandated to report price changes promptly to the Fuel Finder database, which is then shared with various apps to facilitate price comparisons.
Luke Bosdet, a Road Fuel Expert at the AA, noted that the transparency of pump prices set by the UK Government has enabled drivers to identify cost-saving opportunities. He highlighted a 500% increase in the use of the AA App’s fuel-price search tool over the past month due to high demand from motorists.
Chancellor Rachel Reeves recently met with industry leaders and emphasized the shared responsibility of petrol retailers in maintaining affordable prices for drivers.
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