Fuel prices remained stable for drivers nationwide over the weekend, with a possibility of an increase in the near future. According to data from the RAC, the average national price for unleaded petrol was 157.17p per liter on Monday, while diesel stood at 189.23p, showing minimal change from Friday. Despite a slight decrease from the recent peak on April 15, unleaded petrol decreased by just over 1p per liter, and diesel dropped by 2.3p.
Both fuel types have seen significant price hikes since the beginning of the Middle East conflict in late February, with unleaded petrol costing about 24p more and diesel increasing by nearly 47p per liter. The AA reported that only 1p of a 10p per liter reduction in wholesale diesel costs has been passed on to consumers in the UK so far. Last week, the average diesel pump price across the country decreased from 192p to 191p per liter.
The AA also highlighted substantial drops in wholesale petrol and diesel prices since April 7, with diesel initially falling by 25p per liter before stabilizing at a reduction of 10p to 15p per liter. While supermarkets in Northern Ireland experienced a nearly 4p per liter decline in diesel prices, the drop was not more than 10p in the rest of the UK, as per the AA.
Luke Bosdet, the AA’s spokesperson on fuel prices, emphasized the importance of reducing diesel prices promptly, especially considering its impact on haulage, deliveries, and rural communities. On the other hand, petrol prices have been influenced by ceasefire negotiations, and a considerable drop in pump prices is not anticipated at the moment.
Oil prices surged nearly 3% on Monday due to stalled peace talks between the US and Iran, with limited shipments through the Strait of Hormuz. Brent crude reached $108.36 per barrel, the highest in three weeks. The situation worsened over the weekend as US President Donald Trump indicated that Iran should reach out to negotiate an end to the conflict.
Amid ongoing diplomatic efforts, traffic through the Strait of Hormuz remained restricted, with minimal oil tanker movement. Russ Mould, investment director at broker AJ Bell, noted a 25% increase in Brent prices over the last 10 days, reflecting a shift in market sentiment towards the Middle East crisis. The recent rise in oil prices followed a brief decline on April 17, signaling the uncertainty surrounding the conflict resolution.