Fuel prices remained steady for motorists nationwide over the weekend, with the possibility of an increase looming ahead. According to data from the RAC, the average national price for unleaded petrol was 157.17p per litre on Monday, while diesel stood at 189.23p, showing minimal changes from Friday. Despite a slight decline since April 15, when prices peaked, unleaded petrol only dropped by just over 1p per litre, and diesel decreased by 2.3p.
Both fuel types have seen significant price hikes since the commencement of the Middle East conflict in late February, with unleaded petrol costing approximately 24p more and diesel nearly 47p higher per litre. The AA reported that only 1p of a total 10p per litre decrease in wholesale diesel costs has been passed on to consumers at British fuel stations. Last week, the average diesel pump price in the UK dropped from 192p to 191p per litre.
Recent wholesale price reductions have impacted petrol and diesel prices, with diesel experiencing a fluctuation of 10p to 15p per litre since April 7. While Northern Irish supermarkets have witnessed a nearly 4p per litre drop in diesel prices, the decrease has been limited to no more than 10p per litre elsewhere in the UK, according to the AA.
Luke Bosdet, the AA’s spokesperson on fuel prices, emphasized the importance of reducing diesel prices promptly due to its significance in powering transportation and businesses. Regarding petrol prices, the AA highlighted that substantial price reductions are unlikely in the near future due to various factors affecting wholesale costs.
Oil prices surged by nearly 3% on Monday as peace negotiations between the US and Iran stalled and limited shipments through the Strait of Hormuz persisted. Brent crude reached $108.36 per barrel, marking a three-week high. Amid escalating tensions, hopes for peace talks dwindled over the weekend, with US President Donald Trump expressing willingness to negotiate with Iran. However, significant differences remain unresolved, including Iran’s nuclear program and access through the Strait of Hormuz.
As the crisis continues, oil traffic through the Strait of Hormuz remains restricted, with only one oil tanker entering the Gulf on Sunday. Market reactions to the Middle East situation have been volatile, with Brent crude prices surging by 25% in the past 10 days, reflecting shifting sentiments and uncertainties surrounding the conflict.
