Drivers across the UK have been warned of a sharp spike in fuel prices after the price of oil rose dramatically this week. The UK's RAC head of policy, Simon Williams, has said the spike is a result of the oil price rising towards $100 over the past few days.
Oil markets have been turbulent after the US-Iran war broke out in February. The US and Israel carried out joint strikes on several key Iranian sites on February 28 and Iran retaliated by striking sites across the Middle East and closing the Strait of Hormuz waterway, through which 20% of global oil traded is transported.
Fuel prices rise sharply
Despite a brief reprieve for global markets after a Memorandum of Understanding was signed by the two nations last month, the reclosure of the strait and the restart of the conflict this month has driven up fuel prices once again.
The average price of diesel has gone up 7.62p, or 5%, to 172.14p a litre in the last fortnight, while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase.
"Fuel prices are shooting up like a rocket on the back of oil being above $90 for the last days," said Williams. "All the cuts of the last few months are sadly being reversed, with the price of unleaded now heading back up towards 160p and diesel to a shocking 180p."
Advice for drivers
"If petrol was to climb to 160p, it would surpass its Iran war high of 159.53p, seen on 28 May. Unless the renewed conflict is brought to an abrupt end soon, it's looking like UK drivers are going to suffer some stinging summertime pump prices," Williams added.
Fuel price comparison platform FuelRadar has also urged motorists to think carefully about when they fill up before a weekend journey. In advice published on its website, the company says drivers should "avoid the Friday rush," arguing that demand typically increases as people finish work and head away for weekend trips. FuelRadar says motorists who fill up earlier in the week are "likely" to pay less, particularly on a Tuesday or Thursday.
But the price of fuel has not appeared to deter UK drivers, with millions of drivers embarking on their summer getaways last weekend, the RAC reported earlier this month. Between Friday, July 17 and Sunday, July 19, about 14.1 million drivers hit the road as they made their way to holiday spots.
