Petrol Prices Reach 158.52p Per Litre, Highest Point Since February Iran War Start

The average price of unleaded petrol has escalated to £1.5852 per litre, marking its highest point since the US and Israeli forces commenced wide-ranging strikes on Iran on 28 February. This initial aggression, which killed Iran's Supreme Leader and hundreds of civilians, including 110 children at a primary school, triggered significant instability in regional energy markets. Both petrol and diesel prices saw immediate surges as the conflict disrupted the production and transportation of oil and gas.

Wholesale Oil Prices Drive Pump Increases

Brent crude, the international benchmark for wholesale oil, is currently trading at approximately $111 a barrel. This represents a substantial increase from the $73 a barrel recorded before the conflict began. This rise in wholesale costs has directly translated into higher pump prices across the UK. On 28 February, the average price for unleaded petrol was £1.3283 per litre, while diesel stood at £1.4238 per litre; it is now £1.8592 per litre.

According to the RAC, petrol prices peaked at £1.5831 on 15 April before a brief decline, only to begin rising again in early May. The motoring organisation suggests unleaded prices could reach at least £1.60 per litre in the coming weeks without a sustained reduction in global oil rates. While the Treasury has declined to comment on speculation regarding a potential pause to a planned fuel duty increase, such a move would offer some relief to motorists.

The outlook for diesel is considered