Motorists are being urged to fill up their vehicles before Thursday morning as diesel prices reach a record high and reports suggest the UK may have just 42 days' worth of fuel stockpiled.
Mid-week dip advice
Specialists at Carowl noted that prices are "often lower" on Wednesday as part of a "mid-week dip". Experts at Carowl have cautioned that drivers should "fill up by Wednesday at the latest".
The country holds just 42 days of diesel in reserve, the lowest level in the world bar Australia, which has 31 days. Before the war broke out, the average price of petrol stood at 132.83p per litre while diesel was 142.38p.
Record prices and government response
Diesel has now soared to 199.33p, the highest ever recorded. Simon Williams, head of policy at the RAC, warned that pump prices will not fall until there is a "sustained lower oil price - over several weeks, not days".
Williams added that the UK government has "limited leverage when it comes to ending the US/Iran war" but that lowering fuel duty further or reducing VAT could "ease the burden" at home. Chancellor John Healey has indicated that the "place" and "time" for the government to address concerns surrounding rising petrol and diesel prices is the Budget at the end of October.
Impact on businesses
Alicia Hempsted, Van Insurance Expert at MoneySuperMarket, stressed that soaring fuel costs could have a massive impact on business, with "profitability" likely to take a knock.
Alicia said: "Van drivers are currently dealing with a combination of rising fuel prices and increased mileage, both of which are pushing up overall running costs."
"For many tradespeople and small business owners, this has a direct impact on profitability, making it more important than ever to manage expenses carefully," she added. "Using tools such as the fuel cost calculator can help drivers better understand how changes in pump prices affect spending on fuel. Even small price differences between local petrol stations can add up over time, so comparing fuel prices before filling up is a simple but effective way to reduce costs."
