UK drivers are bracing for a sharp rise in fuel costs, with petrol prices expected to exceed £1.50 per litre for the first time in nearly two years as the fallout from the Middle East conflict continues to ripple through energy markets.
According to RAC, the average price of petrol has already climbed to 149.82p per litre and is likely to break through the 150p threshold imminently. Diesel prices have risen even more steeply, reaching an average of 176.66p per litre, an increase of more than 34p since strikes on Iran began.
The surge marks the highest diesel prices since the energy crisis triggered by Russia’s invasion of Ukraine in late 2022, underscoring the sensitivity of fuel markets to geopolitical shocks.
The primary driver of the increase is the sharp rise in global oil prices. Brent crude is currently trading at around $107 per barrel, having surged from roughly $70 a month ago and briefly approaching $120 earlier in June.
Simon Williams of the RAC said wholesale fuel data suggests further increases are likely in the short term, with petrol potentially reaching 152p per litre and diesel climbing towards 185p.
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