"Research indicates that drivers have already incurred an additional £920 million in fuel costs since the conflict began. Estimates suggest this total could surpass £1 billion over the Easter bank holiday weekend."
"Despite the easing of hostilities and the reopening of the Strait of Hormuz, tankers have yet to resume full operations through the route, keeping global oil and gas prices elevated."
"Steve Gooding described the continuing high costs as a 'war premium' and warned that even if oil prices begin to decline, they remain well above pre-conflict levels of $70 (£52) per barrel."
British motorists are experiencing increased fuel costs due to the ongoing conflict in the Middle East, with petrol averaging 157.71p per litre and diesel at 190.62p per litre. Since the conflict began, petrol prices have risen by approximately 0.7p daily, while diesel has increased by 1.2p daily. Drivers have incurred an additional £920 million in fuel costs, with projections suggesting this could exceed £1 billion by Easter. The government is under pressure to cut fuel duty, but a previous cut is set to be reversed later this year.
Read at London Business News | Londonlovesbusiness.com
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