The average price of petrol in the UK has reached 160p a litre, its highest level since the Iran war began on 28 February, according to figures from the RAC.
The motoring group puts petrol at 159.97p a litre and diesel at 178.97p. Diesel remains below its 15 April peak of 191.54p a litre, set as pump prices climbed to their highest level in more than two years.
Pump prices fell after the US and Iran agreed a framework deal in June to end the conflict. In early July, the RAC said, average petrol sank to a low of 150.59p a litre and diesel to 164.52p. Both have risen since the collapse of the peace talks.
Simon Williams, head of policy at the RAC, said the price of diesel was likely to reach 185p a litre “in the next few weeks, barring any major oil price reduction”.
The price of fuel tends to track the wholesale price of oil, and analysts say every $10 (£7.44) per barrel increase in the oil price pushes up pump prices by roughly 7p a litre. Because transporting oil is a slow process, wholesale price movements take about a fortnight to show at the pump.
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