The price of diesel for a standard family vehicle has surged past £100 amid ongoing increases attributed to the conflict in the Middle East. Recent figures from the RAC reveal that the average diesel cost at UK filling stations reached 182.8p per liter on Tuesday, marking a 40p rise since the commencement of the conflict on February 28.
This spike in prices translates to a total of £100.52 to fill a common 55-liter family car, surpassing the £100 mark for the first time since December 2022. Meanwhile, the average price of petrol has reached 152.8p per liter, up by 20p since the conflict began.
Simon Williams, the head of policy at RAC, stated that there is a possibility of petrol prices stabilizing if oil costs do not escalate further, although diesel costs are expected to continue increasing. The RAC Foundation cautioned that drivers have collectively spent an additional £409 million on diesel and £135 million on petrol due to the price hikes.
Director of the RAC Foundation, Steve Gooding, projected that motorists could face costs exceeding a billion pounds at fuel stations in the coming weeks if the current rate of increases persists. He highlighted that drivers are currently paying over half a billion pounds more at the pump compared to pre-conflict levels, with daily rises amounting to approximately £37 million.
The surge in wholesale fuel prices is linked to the sharp rise in oil prices following disruptions at the Strait of Hormuz, leading to Brent crude hitting $116 a barrel. As a result of these developments, the UK government advised drivers to compare fuel prices to save money and shared a list of third-party apps and websites for this purpose.
Since February 2, all UK fuel stations have been mandated to promptly report price adjustments to the Fuel Finder database within 30 minutes of any change. This data is then shared with various apps and platforms, such as Confused.com, DriveScore, Fuel Finder UK, Fuel Spy, MotorMouth, PetrolPrices.com, RAC Fuel Watch, and the AA, enabling motorists to compare prices.
Luke Bosdet, Road Fuel Expert at the AA, noted the significant increase in the use of fuel-price search tools, emphasizing the value of price transparency facilitated by the UK government. Chancellor Rachel Reeves recently met with industry leaders to address rising fuel costs and emphasized the collective responsibility of petrol retailers to help keep prices down for drivers.