TL;DR: UK petrol and diesel prices have recently hit their highest point since the Middle East conflict began, with unleaded petrol now averaging 158.52p per litre. The surge is driven by Brent crude oil prices hitting $111 a barrel, and the RAC warns that diesel prices are not falling in line with wholesale costs.
Key Facts
- 158.52p: The latest average price of unleaded petrol in the UK, the highest since recent global conflicts began.
- $111: The current price per barrel for Brent crude oil, a significant jump from $73 before the escalation.
- 185.92p: The average price UK diesel drivers are currently paying per litre.
- 5p: The value of the UK fuel duty cut currently in place, which the government has confirmed will continue until 2027.
- RAC: The motoring organisation has revealed that falling diesel wholesale prices are not being passed on to drivers at the forecourt.
UK petrol prices surge to 6-month high, drivers warned
Drivers across the UK are feeling the pain at the pump as the latest data reveals UK petrol and diesel prices have soared to their highest point since the Middle East conflict kicked off. The outlook for the coming weeks looks increasingly expensive.
As of this week, the average price of unleaded petrol has hit 158.52p per litre. There is now a real concern among experts that prices could pass the 160p mark before the end of the month, pushing the cost of filling up in the UK even higher.
What is driving the price hikes?
The primary culprit behind the recent surge in UK petrol station forecourt prices is the global oil market. The price of Brent crude oil, the benchmark for global prices, is currently sitting at a staggering $111 a barrel.
To put that in perspective, this is a massive jump from the $73 per barrel seen before the conflict escalated. When the global price spikes this dramatically, the impact on what drivers pay at the pump is almost immediate. Those days of unleaded sitting around 132p earlier this year now feel like a distant memory.
Diesel drivers face unfair pricing, RAC warns
While petrol car owners are struggling, the situation for diesel drivers is arguably even tougher. Prices have climbed to an eye-watering 185.92p per litre, a huge leap from the 142.38p seen just a few months ago.
Now, here’s the thing. The latest RAC fuel price report suggests that diesel wholesale prices have actually dipped recently. So, why isn't this relief being reflected at the forecourt? Simon Williams from the RAC has been vocal on this issue, suggesting retailers are slow to pass on these savings to drivers.
This delay means diesel car owners could be overpaying every time they fill up, as the forecourt price doesn't accurately reflect the lower wholesale cost.
The Government's role: The fuel duty cut
Currently, drivers are benefiting from a 5p UK fuel duty cut, which keeps the rate at 52.95p per litre. The government has now confirmed this relief will remain in place until the end of 2026, providing some much-needed stability for motorists.
Extending the cut will come as a welcome boost for household budgets already under pressure, offering drivers a degree of certainty despite rising fuel prices.
Petrol price forecast UK: An expensive summer ahead?
Ultimately, global volatility continues to dictate the cost of fuel. The current petrol price forecast for the UK suggests that unless oil prices see a significant and sustained drop, drivers are likely heading for a very expensive summer on the roads.
It’s a frustrating situation for everyone, but until the market finds stability, we’re all left paying the price of international events at the pump.