"The longer this conflict goes on, the more effect it will have on the cost of oil. Any time Brent Crude passes $100 per barrel raises concern across the markets, for the haulage industry and drivers. There will be gradual increases in pump prices, but this shouldn't happen overnight, as fuel has been purchased at previous prices."
"Average petrol and diesel prices have rocketed in the last week and are unfortunately likely to keep on rising, so the situation for UK drivers is looking increasingly bleak. Petrol is up 5p to 137.5p and diesel up 9p to 151p a litre since the current crisis began on Saturday, February 28."
Oil prices have surpassed $100 per barrel for the first time since 2022, driven by escalating Middle East conflict, triggering substantial fuel price increases across the UK. Petrol has risen 5p to 137.5p per litre, while diesel increased 9p to 151p per litre. Analysts project further hikes, with potential for petrol to reach 170p per litre if oil reaches $120 per barrel, pushing family car fill-ups near £100. The AA advises drivers to avoid non-essential journeys and adopt fuel-saving measures. With the Gulf crisis unresolved and the UK reliant on imported fuel, forecourts anticipate record price surges, intensifying pressure on household budgets already facing weeks of rising costs.
Read at London Business News | Londonlovesbusiness.com
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