UK fuel prices finally drop for first time since start of Iran war
Fuel prices in the UK have fallen for the first time since the start of the conflict in the Middle East, providing some relief to motorists.
Petrol averaged 158.1 pence per liter on Thursday, down slightly from 158.3 pence the previous day. Diesel also recorded a modest decrease from 191.5 points to 191.2 points in the same period.
This marks the end of 46 consecutive days of rising costs. Despite the drop, both petrol and diesel remain 25p and 49p more expensive respectively than they were on 28 February, when the war began.
RAC head of policy Simon Williams said: “After 46 days of price increases, both petrol and diesel prices have finally started to fall ever so slightly across the country.
“Wholesale prices are still low, so we expect further discounts of up to a few pence per liter in the coming days.
“After record increases, drivers will be relieved to finally see prices reverse.
“We are a long way from returning to prices at the beginning of the conflict, but there is now a light shining at the end of the tunnel.”
Motoring research charity the RAC Foundation estimates that the rise in pump prices since the start of the war has led to motorists’ fuel bills rising by £1.4bn.
This is based on average daily pump price increases and last year’s fuel consumption rate.
The Strait of Hormuz, through which one fifth of the world’s oil passes, was closed by Iran in response to attacks by America and Israel.
This situation caused an increase in oil prices, which is an important element of fuel prices.
Meanwhile, an energy chief has warned that Europe has just six weeks’ supply of jet fuel left, fearing it could be “the biggest energy crisis we have ever faced”.
International Energy Agency President Fatih Birol added that if the Strait of Hormuz remains closed during the Iran war, flight cancellations will begin “soon” and this could throw summer holidays into chaos.
It comes as EasyJet said it expected a pre-tax loss of between £540 million and £560 million for the six months to the end of March, when the airline spent an extra £25 million on jet fuel last month.
