The price of filling up a typical family car with diesel has surged above £100 as fuel costs continue to climb due to ongoing tensions in the Middle East. Recent figures from the RAC reveal that the average diesel prices at UK petrol stations reached 182.8p per liter on Tuesday, marking a 40p increase since the conflict began on February 28.
This hike means that it now costs £100.52 to fill a standard 55-liter family car, crossing the £100 threshold for the first time since December 2022. In comparison, the average price of petrol stands at 152.8p per liter, up by 20p since the onset of the conflict.
Simon Williams, head of policy at the RAC, mentioned, “Our analysis indicates that petrol prices may stabilize if oil costs do not rise further, but diesel prices are expected to continue climbing.”
The RAC Foundation, a motoring research charity, cautioned this week that the surge in fuel prices has resulted in drivers spending an additional £409 million on diesel and £135 million on petrol.
According to Steve Gooding, director of the RAC Foundation, motorists are likely to have collectively spent over a billion pounds more at fuel stations in the coming weeks if the current rate of price increases persists. He added that drivers have already paid well over half a billion pounds extra since the conflict began, with daily costs rising by approximately £37 million.
The increase in wholesale fuel prices is linked to the spike in oil prices following the disruption in the Strait of Hormuz, which has pushed Brent crude to $116 a barrel. This crucial waterway usually handles around 20% of the global oil and natural gas supply.
The government has advised drivers to compare fuel prices to save money and has listed various third-party fuel-price apps and websites for reference. All UK petrol stations are now required to promptly report price changes to the Fuel Finder database, aiding motorists in comparing prices through platforms like Confused.com, PetrolPrices.com, RAC Fuel Watch, and others.
Luke Bosdet, Road Fuel Expert at the AA, highlighted that the current transparency in pump prices, facilitated by the UK Government, allows drivers to identify cost-effective options both locally and on long drives. The AA’s fuel-price search tool usage has surged by 500% in the last month, showcasing high demand from motorists seeking savings.
Chancellor Rachel Reeves recently convened with industry leaders and emphasized the shared responsibility of petrol retailers to maintain affordable prices for consumers.