What's happening to UK petrol and diesel prices now the US and Iran have a deal?
Summary
Fuel prices in the UK have dropped following a deal between the US and Iran to end their war, which had previously caused fuel costs to rise. Analysts expect petrol and diesel prices to continue falling, benefiting motorists as summer holidays approach.Key Facts
- The US and Iran agreed to end their war, easing disruptions to Middle East energy production.
- Before the war, Brent crude oil was about $70 per barrel; it peaked above $120 during the conflict and recently dropped to around $76-$80.
- UK petrol prices peaked at 159.53p per litre on 28 May; diesel reached 191.54p per litre on 15 April.
- Since then, petrol prices have fallen by 4.8p to 154.7p per litre; diesel prices fell by 10.3p to 174.3p per litre.
- Filling a typical 55-litre family car costs £85.05 for petrol and £95.86 for diesel, more than before the war started.
- The rate of price reduction is expected to speed up if oil prices stay below $80 a barrel.
- Fuel prices in 2026 are still below the highs seen after Russia’s invasion of Ukraine in 2022.
- UK fuel retailers deny overcharging during the conflict, and the government postponed a planned fuel tax increase to help consumers.
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