Summary
Petrol and diesel prices in the UK have dropped slightly after weeks of increases following a conflict in the Gulf region. The recent price falls are small but may continue as wholesale oil prices have decreased since a temporary ceasefire was announced.
Key Facts
- Petrol and diesel prices in the UK have started to fall for the first time since the US-Israel war with Iran began.
- Prices dropped by 0.3 pence per litre for petrol and 0.6 pence per litre for diesel over two days.
- Current prices are just under 158p per litre for petrol and 191p per litre for diesel.
- Diesel prices are about £26 higher per full tank than in late February; petrol is nearly £14 more expensive.
- Fuel prices rose due to the closure of the Strait of Hormuz, a major oil shipping route, causing crude oil prices to peak at over $119 per barrel.
- Since a temporary ceasefire, crude oil prices have fallen below $100 per barrel.
- A $10 change in oil price usually leads to about a 7p per litre change in pump prices.
- Many people in the UK are worried about high fuel costs, with 75% saying fuel prices have increased living expenses as of March.
