Fuel prices have dropped for the first time since the onset of the Iran conflict, as per recent data from the RAC. The average cost of petrol stood at 158.1p per liter on Thursday, a decrease from 158.3p per liter the previous day. Similarly, diesel prices went down from 191.5p per liter to 191.2p per liter.
Despite the decline, petrol and diesel prices are still notably higher by 25p and 49p per liter, respectively, compared to the start of the conflict on February 28. The RAC has mentioned that drivers will find some relief in the fact that prices have not risen further.
RAC’s head of policy, Simon Williams, noted that after 46 consecutive days of price hikes, both petrol and diesel costs have finally started to show a slight decrease. He expressed optimism for further reductions in the coming days due to lower wholesale prices.
The recent drop in fuel prices follows a period of continuous increases driven by elevated oil costs amid the closure of the Strait of Hormuz. With Brent crude prices dropping to around $98 per barrel during a ceasefire between Israel and Lebanon, there is hope for more relief for motorists in the near future.
The RAC Foundation estimates that the surge in pump prices during the conflict has resulted in motorists collectively paying £1.4 billion more for fuel. To stay updated on fuel prices, tools like Petrol Prices offer free online checking services by entering your postcode.
Moreover, the government’s new “fuel finder” initiative mandates all UK filling stations to report any price changes for petrol or diesel within 30 minutes, enabling real-time price monitoring through various apps and websites. Retailers failing to comply with the scheme may face action by the Competition and Markets Authority.
Motorists can save on fuel costs by avoiding expensive motorway service stations and planning refueling stops strategically. Additionally, keeping vehicles well-maintained with regular servicing can help optimize fuel efficiency.
