Drivers across the UK are set to receive some welcome relief in the coming weeks, according to a new update issued by the RAC on Thursday. Petrol and diesel prices soared for UK drivers following the US and Israel attacking Iran at the end of February.
The escalation of hostilities in the Middle East sent oil prices soaring, and with it the costs of filling up a car back here in Britain. Both petrol and diesel were in the 130p to 140p per litre range before the end of February.
Since then, the average cost for petrol has jumped as high as 159p and diesel to 191p. However, those filling up their cars in recent days will have noticed some improving news.
With a deal now reportedly signed between the US and Iran, oil prices have dropped considerably. The deal includes plans to reopen the Strait of Hormuz, a vital shipping lane for oil that has been all but closed since the conflict kicked off nearly four months ago.
That all means that fuel prices have started to fall, with further drops expected if peace holds and the global economy settles down again. The RAC said that UK drivers could expect more good news in the days and weeks to come.
Latest UK Petrol and Diesel Prices
RAC head of policy Simon Williams said: 'The average price of petrol has now fallen nearly 5p a litre since its conflict high of 159.53p on 28 May to 154.72p on Thursday, saving almost £3 a tank. Unleaded hasn't been this price since early April.'
'The diesel drop has been even more dramatic, having come down by 17p a litre from 191.54p on April 15 to 174.3p, which means drivers are saving £9.50 every time they fill up. The last time the UK average price of diesel was under 175p was on March 24.'
'Even more positively, the rate of reduction ought to accelerate as the price of a barrel of oil has been under $80 for the last two days – something we haven't seen since the start of March. Drivers can now expect to see the average pump price of petrol drop below 150p in the next week or so, while diesel should drop back under 170p.'
'If Brent crude stays at this level or reduces further, the longer-term picture at the pumps should get even better.'
