UPDATE: Diesel prices have skyrocketed by 18p per litre since the onset of the Middle East conflict, with the average price now hitting 160.3p per litre in the UK. This alarming increase, reported by the RAC, reflects a staggering 13% rise from 142.4p when the US-Israeli campaign against Iran commenced on February 28, 2024.
The surge in diesel prices marks the highest level since November 2023, leaving drivers feeling the financial pinch. The average cost to fill a 55-litre family car with diesel now stands at £88, while petrol prices have also escalated by 7%, reaching 141.5p per litre—its highest since August 2024.
The spike in fuel prices is directly linked to oil exceeding $100 per barrel, primarily due to Iran’s control over oil tankers in the strategic Strait of Hormuz. This geopolitical tension has created a ripple effect on wholesale fuel costs, pushing consumers to bear the brunt of rising prices.
Simon Williams, head of policy at the RAC, commented on the situation, stating,
“Drivers with diesel cars are really feeling the heat. Prices have shot up 18p a litre in just two weeks, adding £10 to the cost of a full tank.”
In response to these escalating costs, Chancellor Rachel Reeves addressed petrol retailers, emphasizing their “shared obligation” to manage prices responsibly during the ongoing conflict. Energy Secretary Ed Miliband also warned that the Government would not tolerate “unfair practices” in the fuel industry.
However, prior to this meeting, the Petrol Retailers Association (PRA) threatened to withdraw due to what they described as “inflammatory language” from the Government, which they claim has led to increased abuse against forecourt workers.
As the situation evolves, consumers are urged to stay informed and consider the implications of these rising fuel costs on their daily lives. The combination of geopolitical issues and domestic fuel supply challenges suggests that prices may continue to fluctuate in the coming weeks.
Watch for further developments as both the RAC and Government officials monitor the situation closely.
