Britons are preparing for a fuel shock not experienced in four years, as oil prices have surpassed $100 per barrel for the first time since 2022, largely due to the escalating conflict in the Middle East.
The average price of petrol has increased by 5p, reaching 137.5p per litre, while diesel has risen by 9p, now costing 151p per litre. Analysts warn that further price hikes are inevitable.
Experts suggest that if oil reaches $120 per barrel, the price of petrol could soar to 170p per litre, bringing the cost of filling a family car dangerously close to £100.
The AA has advised drivers to avoid “non-essential journeys” and adopt fuel-saving measures, as households may face weeks of rising prices.
With the ongoing crisis in the Gulf showing no signs of resolution and the UK paying a premium for imported fuel, forecourts are preparing for another record surge, adding further strain to already stretched family budgets.
AA president Edmund King said: “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.
“Our suggestion is that drivers should not change their refuelling habits, but can consider cutting out some non-essential journeys and changing their driving style to conserve fuel.”
RAC head of policy Simon Williams said: “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.
Unleaded is almost certainly going to reach an average of 140p in the next week or so, while diesel looks highly likely to climb to at least 160p a litre. The price of diesel is increasing more quickly now than at any point since the start of the Ukraine conflict.
“With oil at a sustained $100, petrol could rise towards 150p a litre – a price not seen since June 2024. Diesel could reach almost 180p, which would be a three-year high.
We encourage drivers to continue filling up as normal, but to shop around for the best prices using apps like myRAC, as there can be big local differences between forecourts.
“Driving fuel efficiently by avoiding harsh accelerating and braking and ensuring tyres are inflated to the right pressures can help eke out every last mile and save money.”
Leave a Comment