Pump prices are on the rise again, impacting families embarking on summer holidays by road. The average cost of petrol has increased slightly from 150.7p to 151.0p per liter, while diesel prices have remained just below 165p per liter, inching up from 164.8p to 164.9p over the weekend, reports the AA.
This price hike is linked to escalating tensions in the Middle East, where US and Iranian forces engaged in heavy missile and drone attacks over the weekend. Tehran targeted US facilities in the Gulf and announced the closure of the Strait of Hormuz. Oil prices surged more than 3% to $78.68 on Monday, driven by the conflict but still below peak levels seen during the Iran war.
The impact of the Middle East turmoil is directly felt by UK drivers, with petrol and diesel reaching highs of 159.0p and 192.4p per liter in April during the US-Iran conflict. Following failed negotiations, petrol prices rose to 159.7p in May. The recent price increases are attributed to a 3p to 4p per liter rise in wholesale petrol costs since late June, with diesel costs surging over 6p per liter in the same period, according to the AA.
Luke Bosdet, spokesperson for the AA, remarked on the price fluctuations, noting that despite a slight decrease in petrol prices recently, drivers are facing fresh increases as the summer holidays approach. The volatility in pump prices has led more drivers to consider switching to electric vehicles. Data from the Department for Energy Security and Net Zero shows a significant increase in power consumption by road vehicles, particularly electric vehicles, indicating a growing trend towards electric cars.
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