Petrol prices in the UK remain elevated despite expectations of a reduction following the Iran war ceasefire. Although the surge in fuel costs has stabilized after a period of rapid escalation, drivers are still facing higher expenses, with petrol prices up by 24p and diesel prices up by 46p compared to pre-war levels.
Nationwide, the average price for standard unleaded petrol has held steady around 157p per litre for the past five days. This means that individuals filling up an average family car ahead of the upcoming Bank Holiday weekend will spend over £86 on fuel.
Despite the ceasefire between Iran and the US, which was extended after its initial announcement, UK motorists are yet to experience any relief from the cessation of US and Israeli military actions against Tehran.
An investigation has revealed that the surge in fuel prices during the Middle East conflict is primarily driven by the increased cost of oil rather than retailers raising profit margins. The Competition and Markets Authority (CMA) disclosed that fuel margins, the price difference between retailers’ fuel purchase and sale prices, have remained largely stable since the commencement of the war on February 28. However, the CMA identified a rise in fuel margins for a small number of retailers in March and pledged to investigate further.
Recent data indicates that the most cost-effective location in the UK to refuel is a Circle K garage in Mallusk, near Belfast, where petrol is priced at 145.9p per litre. In comparison, the cheapest petrol station in England is located in Witton, Birmingham, selling unleaded petrol at 146.6p per litre.
As of the latest data provided by retailers, the average petrol price across the UK stands at 157.3p per litre, with diesel priced at 189.8p per litre. These figures, based on standard grade petrol (E10) and diesel (B7), are monitored by the government to ensure fair pricing for motorists at fuel stations.
Northern Ireland and certain regions of Scotland are currently enjoying lower petrol prices compared to other parts of the UK. Local authorities with the most economical unleaded petrol prices are highlighted, while those with the highest average prices are also listed.
