"Both fuels are now at their most expensive since late 2022. The conditional ceasefire announcement may have taken some heat out of global oil prices, but the outlook for drivers in the UK remains highly uncertain."
"Much will depend on the stability of the ceasefire, whether oil shipments can move freely through the Strait of Hormuz, and the longer-term impact on oil production across the Gulf."
"Drivers should not expect significantly cheaper fuel in the short term, although some smaller independent forecourts buying on a 'spot' basis may be quicker to pass on any reductions."
"The surge comes amid constrained oil supply from the Middle East, where Iran's control over tanker transit through the Strait of Hormuz and damage to regional infrastructure have limited exports to importing nations."
The average price of diesel in the UK has surpassed 190p per litre, increasing by over a third since the conflict in Iran began. Petrol prices have also risen, with unleaded reaching 157.7p, a 19% increase since late February. The RAC indicates that both fuels are at their highest prices since late 2022. The future of fuel prices remains uncertain, dependent on the stability of the ceasefire and oil shipment conditions. Motorists face a 'pump-price postcode lottery,' particularly in rural areas, with diesel tank costs exceeding £100 for the first time in over three years.
Read at London Business News | Londonlovesbusiness.com
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