Petrol prices in the UK remain elevated despite expectations of a decrease following the Iran war ceasefire. While the cost of refilling fuel has stabilized after a period of sharp increases, drivers are still facing higher expenses, with petrol prices up by 24p and diesel by 46p compared to pre-war levels.
The current national average for standard unleaded petrol stands at around 157p per litre, resulting in a hefty bill of over £86 for a typical family car refueling ahead of the upcoming Bank Holiday weekend. Prices continue to exceed those seen before April 7, when concerns escalated over Iran’s response to demands from former President Donald Trump.
Although a temporary ceasefire was declared between Iran and the US, with an extension in place, UK motorists have yet to witness any significant relief from the ongoing conflict in the Middle East. Despite hopes for a price drop at the pumps, fuel costs in the UK are predominantly influenced by the soaring global oil prices, according to an investigation.
The Competition and Markets Authority (CMA) reported that fuel margins, representing the difference between retailers’ costs and selling prices, have not seen significant changes since the conflict began. While some retailers experienced margin increases in March, the overall picture suggests a lack of competitive pressure in the market, leading to sustained high retail prices.
Data reveals that the cheapest place to fill up with petrol in the UK is currently at a Circle K garage in Mallusk, near Belfast, offering savings of up to £26 for drivers of average-sized family cars. In England, the most economical petrol station is located in Witton, Birmingham, with unleaded priced at 146.6p per litre.
Amidst these fluctuating fuel prices, UK drivers are encountering an average cost of 157.3p per litre for petrol and 189.8p for diesel. These figures, based on standard grade fuels, are monitored by the government to ensure fair pricing for consumers at petrol stations nationwide.
As of the latest data supplied by retailers, motorists in Northern Ireland and certain parts of Scotland are benefiting from lower petrol prices compared to other regions in the UK. Local authorities with the most affordable petrol rates are witnessing greater savings for drivers during these challenging times.