UK petrol and diesel prices have fallen for the first time since the Middle East conflict began, marking an end to 46 consecutive days of rising costs. Petrol averaged 158.1p per litre on Thursday, down from 158.3p the previous day, while diesel dropped from 191.5p to 191.2p. This modest decline follows weeks of increases driven by the closure of the Strait of Hormuz, which disrupted global oil supplies and pushed wholesale costs higher.
The RAC confirmed that the drop offers a glimmer of relief to motorists, though prices remain significantly above pre-conflict levels. Despite the fall, petrol is still 25p per litre more expensive than when the war began on February 28, and diesel is 49p higher. Filling a car with diesel now costs about £26 more than in late February, while a tank of petrol is nearly £14 more expensive.
According to the RAC, further reductions are possible due to the fact that wholesale fuel costs have stayed below recent peaks. Simon Williams, head of policy at the RAC, said: “After 46 days of rising prices, the cost of both petrol and diesel across the country has finally begun to drop very slightly.” He added that the organisation is hopeful for further reductions of several pence per litre in the coming days.
The RAC Foundation estimated that the rise in pump prices since the start of the conflict has added £1.4 billion to motorists’ fuel bills, based on average daily price increases and last year’s fuel consumption. This figure underscores the financial strain on households, with the Office for National Statistics previously reporting that 75% of people cited fuel costs as a reason for increased living expenses in March, up from 38% in February.
While the recent drop signals a potential turning point, prices remain well below the peak seen during the summer of 2022 following Russia’s invasion of Ukraine, when petrol reached 191.5p per litre and diesel hit 199p. The Strait of Hormuz, through which a fifth of the world’s oil normally flows, remains closed by Iran in response to US and Israeli strikes, continuing to influence global oil markets.
In related developments, an energy chief warned that Europe has only around six weeks of jet fuel supply left, raising concerns about a broader energy crisis. Stock markets as well reacted sharply earlier in the week, plunging on Monday as oil and gas prices spiked over fears of disrupted Middle East supplies.
How long have fuel prices been rising before this recent drop?
Fuel prices rose for 46 consecutive days before the recent decline, according to The Independent’s reporting.
What is the RAC’s outlook for future fuel price movements?
The RAC expects further reductions of several pence per litre in the coming days, as wholesale costs remain below recent peaks.
