Fuel prices have dropped for the first time since the beginning of the Iran conflict, as per the latest data from RAC. The average cost of petrol was 158.1p per liter on Thursday, down from 158.3p the previous day, while diesel decreased from 191.5p to 191.2p per liter.
Despite the decline, petrol and diesel are still 25p and 49p more expensive, respectively, compared to the prices at the onset of the conflict. The RAC expressed that drivers will be relieved that prices have not increased further.
Simon Williams, the head of policy at RAC, mentioned that after 46 consecutive days of price hikes, both petrol and diesel costs have begun to show a slight decrease. He added that wholesale prices are still lower, raising hopes for further reductions in the next few days.
The rise in fuel prices over the past 46 days was attributed to increased oil costs following the closure of the Strait of Hormuz. However, with Brent crude dropping to around $98 a barrel during a 10-day ceasefire between Israel and Lebanon, there is optimism for more price reductions.
The RAC Foundation estimated that the surge in pump prices since the conflict’s start has led to motorists collectively paying £1.4 billion more in fuel bills. Additionally, the Government has introduced a new “fuel finder” system mandating all UK filling stations to report price changes promptly.
To save money on fuel, drivers are advised to avoid expensive motorway service stations and plan their refueling stops strategically. Maintaining the vehicle regularly is also recommended to ensure optimal fuel efficiency.
