Millions of drivers in the UK are facing the prospect of increased fuel prices after experts revealed that they have not benefited from potential savings. Various motoring groups have pointed out that despite a significant drop in oil prices, the corresponding decrease has not been passed on to consumers by fuel retailers.
Since April 7, the wholesale cost of petrol has reportedly decreased by around 2p per liter, while diesel prices have seen a reduction of at least 10p. However, there have been fluctuations within this period, with the most recent data indicating a 4p decrease in wholesale petrol prices and a 20p drop in diesel prices.
According to a spokesperson from the AA, while there have been reductions in costs, consumers should have seen more significant price cuts at the pump by now. Despite some minor decreases in fuel prices over the weekend, the average price for unleaded petrol stands at 157.66p per liter, a slight decrease from the previous week. Diesel prices have also slightly dropped to an average of 190.48p per liter.
Although drivers have not seen substantial savings, there is a looming threat of rising fuel prices as oil prices surged to $96 a barrel due to escalating tensions in the Middle East. The situation is further complicated by Iran’s actions, including the closure of the Strait of Hormuz and the uncertainty surrounding the ongoing conflict with the US.
The ceasefire in the Iran war is precarious following recent events, with the potential for further disruptions in the region. This uncertainty has contributed to Brent crude oil prices climbing back above $90 per barrel, signaling potential economic concerns if prices continue to rise.