UK petrol price hits Iran war high, adding to pressure on households
Summary
Fuel prices in the UK have risen to levels not seen since late 2022, with petrol reaching 160p per litre and diesel also increasing. This rise is linked to renewed tensions in the Middle East, including recent attacks involving Iran, and is causing financial stress for many UK drivers during the holiday season.Key Facts
- The average petrol price in the UK has increased to 160p per litre, the highest since November 2022.
- Diesel prices have risen by 14.5p to 179p per litre, though still below the April peak of 192p.
- Filling a family-size car with petrol now costs around £88; filling with diesel costs about £10 more.
- The price rise follows recent attacks by Iran’s Revolutionary Guards on ships near the Strait of Hormuz, increasing uncertainty in oil markets.
- Fuel prices had fallen earlier after a US-Iran ceasefire agreement but rose again after renewed US attacks on Iran and Iran’s retaliation.
- Around 20.5 million UK drivers plan to travel in the third week of the holiday season, many facing higher fuel costs.
- A UK government scheme called Fuel Finder, which requires petrol stations to report prices publicly, may be helping prices respond faster to changes in wholesale costs.
- Previously, petrol prices often rose quickly but fell slowly; now they seem to follow wholesale price changes more closely.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
