Petrol prices in the UK have fallen following a sharp increase triggered by the US-Iran conflict, according to the RAC. The average price of unleaded petrol dropped by 2p per litre over the past week, providing some relief to motorists after weeks of rising costs.
The RAC reported that the average price of a litre of unleaded now stands at 138p, down from 140p last week. Diesel prices have also decreased, falling by 1.5p to an average of 142p per litre. The decline is attributed to a drop in global oil prices as tensions in the Middle East ease.
Despite the recent fall, fuel prices remain significantly higher than before the conflict began in February, when the average price of unleaded was around 130p. The RAC noted that the UK is still paying an extra £12.9 million per day compared to pre-war levels, though this figure is expected to decrease if the trend continues.
The Competition and Markets Authority (CMA) has welcomed the price drop but warned that it will continue to monitor retailers closely to ensure that reductions are passed on to consumers. The CMA's executive director for markets, Juliette Enser, said: 'While it is encouraging to see prices falling, we remain vigilant to ensure that any further decreases in wholesale costs are reflected at the pumps.'
Industry experts predict that petrol prices could fall further in the coming weeks if oil prices remain stable. However, they caution that any renewed geopolitical instability could reverse the trend.
