The AA has warned that UK fuel prices have not yet returned to pre-Iran war levels, despite oil prices falling below $73 a barrel for the first time since the conflict began. The average price of petrol at UK forecourts stands at 152.9p per litre, while diesel is at 170.5p per litre.
Current Prices vs. Wartime Peaks
These figures are below the wartime peaks of 159.7p for petrol and 192.4p for diesel recorded on April 16. However, petrol remains roughly 20p more expensive than before the conflict started, and diesel is approximately 28p higher.
Oil Price Drop and Strait of Hormuz
Oil prices fell below $73 a barrel for the first time since the Iran war commenced on February 28. This follows reports that more tankers are navigating the Strait of Hormuz, which is gradually reopening after the US-Iran peace agreement.
AA President's Warning
AA president Edmund King said: "While drivers have been pleasantly surprised by the speed of price falls at the pump, there is some way to go before prices return to where they were before the outbreak of the war." He added that some drivers fear "prices could go the other way" due to "uncertainty" over future actions of Iran and the US. "The hope is that pump prices continue to tumble with the summer getaway late in July now coming into view," he said.
RAC's Forecast
RAC head of policy Simon Williams indicated that the average petrol price should drop below 150p per litre "in the next week or so", while diesel "ought to go back under 160p" per litre. He urged retailers to pass on wholesale savings to drivers immediately.
