The RAC has announced that petrol and diesel prices have finally stopped rising after 43 consecutive days of increases, and motorists could soon see a drop at the pumps. The motoring organisation said that wholesale fuel costs have fallen significantly, suggesting that forecourt prices should begin to decrease in the coming week.
Petrol rose by 25.5p to 158.3p per litre over the period, while diesel surged 49p to 191.54p. The RAC noted that a tank of petrol for a family car now costs £87, with diesel at £105—£14 and £27 more respectively than before the US-Iran conflict.
Simon Williams, RAC head of policy, said: “Pump prices appear to have finally stopped rising after 43 days of increases. Wholesale fuel costs are now significantly lower than they were at the start of the month, so forecourt prices should begin to come down. As things stand, we'd expect petrol and diesel to drop by several pence a litre in the next week or so.”
However, not all experts share this optimism. Some have criticised US President Donald Trump for the price rises and urged government intervention. Riz Malik, an independent financial adviser, warned that the situation could worsen. “The 'Trump tax' you now pay on fuel could go even higher in weeks to come, especially as we are now playing real-life Battleships in the Gulf,” he said.
Samuel Mather-Holgate, a financial adviser, noted that prices of £2 per litre are already appearing at motorway service stations. Anita Wright, a chartered financial planner, added that the ceasefire has had “no discernible impact” as oil continues to trade around $100 a barrel, up from $70 before the war, with the Strait of Hormuz still operating below normal capacity.
