Record pump prices
Data from the RAC indicates that unleaded petrol has reached an average of 158.52p per litre, marking the highest cost since the Iran conflict began. Fuel rates spiked following the 28 February outbreak of hostilities, which disrupted energy production and transport channels in the Middle East through drone and missile activity.
The previous high of 158.31p recorded on 15 April was followed by a brief dip in May, but costs have since climbed once more. Without a significant and lasting decline in global oil prices, the RAC warns that unleaded fuel is set to hit 160p per litre soon.
Global impact on motorists
Brent crude, the primary benchmark, currently sits at roughly $111 a barrel, up from pre-conflict levels of $73. This shift has placed immense pressure on UK drivers, as petrol has jumped from 132.83p per litre at the start of the conflict, while diesel has risen from 142.38p to 185.92p per litre.
Simon Williams, head of policy at the RAC, noted that the chancellor may scrap a planned penny increase in fuel duty this September. Maintaining the current duty rate of 52.95p per litre would provide welcome relief to those facing high refuelling expenses. While diesel wholesale prices have dropped, Williams encouraged retailers to pass those savings on to consumers at the pump.