The price of filling a standard family vehicle with diesel has surpassed £100 due to escalating costs linked to the ongoing conflict in the Middle East. Recent figures released by the RAC indicate that the average diesel price at UK fuel stations reached 182.8p per liter on Tuesday, marking a 40p increase since the conflict began on February 28.
This surge in prices means that the total expense to fill a typical 55-liter family car now stands at £100.52, surpassing the £100 mark for the first time since December 2022. Concurrently, the average cost of petrol has risen to 152.8p per liter, up by 20p since the conflict commenced.
Simon Williams, the head of policy at the RAC, noted that while the price of petrol may stabilize if oil costs remain steady, diesel prices are expected to continue climbing. The RAC Foundation, a motoring research charity, warned that drivers have collectively spent an additional £409 million on diesel and £135 million on petrol due to the recent price hikes.
According to Steve Gooding, the director of the RAC Foundation, if the current rate of increases persists, motorists could collectively spend over a billion pounds at fuel stations within the next few weeks. The closure of the Strait of Hormuz has led to a surge in wholesale fuel prices, with Brent crude hitting $116 per barrel, as approximately 20% of the world’s oil and gas usually flows through the strait.
To help consumers save money, the Government has advised drivers to compare fuel prices using third-party apps and websites. All UK fuel stations are now required to report price changes promptly to the Fuel Finder database, which is shared with various apps and services to enable motorists to compare prices effectively.
Chancellor Rachel Reeves recently met with industry leaders and emphasized the shared responsibility of petrol retailers to maintain affordable prices for drivers. This move towards transparency in pricing has seen a significant increase in the use of fuel-price search tools by motorists, demonstrating a growing demand for ways to save on fuel costs.
