Fuel prices have dropped for the first time since the onset of the Iran conflict, as per the latest data from RAC. The average price of petrol was 158.1p per liter on Thursday, down marginally from 158.3p the day before, while diesel decreased from 191.5p to 191.2p per liter.
Despite the decline, petrol and diesel prices are still 25p and 49p higher respectively compared to the conflict’s commencement on February 28. RAC mentioned that drivers would find relief in the stable prices.
Simon Williams, the head of policy at RAC, stated that after 46 consecutive days of price increases, the cost of both petrol and diesel has started to decrease slightly. He expressed optimism for further reductions in the coming days due to lower wholesale prices.
The rise in fuel prices over the past 46 days was a result of increased oil costs following the closure of the Strait of Hormuz. However, with Brent crude dropping to around $98 a barrel during a 10-day ceasefire between Israel and Lebanon, there is hope for continued price drops.
The RAC Foundation estimated that the surge in pump prices since the conflict began has led to an additional £1.4 billion in fuel costs for motorists. The government’s new “fuel finder” initiative mandates all UK filling stations to report price changes promptly, enabling real-time price comparisons via various platforms.
To save on fuel costs, it is advisable to avoid expensive motorway service stations and plan refueling stops strategically. Additionally, ensuring regular car maintenance can improve fuel efficiency.