UK Petrol and Diesel Prices Fall After Six Weeks of Rises
After six weeks of sustained increases, petrol and diesel prices in the UK have registered a marginal decline. Figures released for Thursday and Friday indicate a 0.6p reduction for diesel and a 0.3p fall for petrol.
Diesel now stands just below 191p per litre, with petrol at nearly 158p per litre. Despite this minor dip, the cost of filling a car with diesel remains approximately GBP#26 higher than in late February, while petrol is nearly GBP#14 more expensive.
The previous six-week surge saw diesel climb from 142p to almost 192p per litre, and petrol from 133p to over 158p. This dramatic increase was directly linked to the outbreak of hostilities in the Gulf, initiated by the United States and Israel on 28 February, which included strikes killing Iran's Supreme Leader and hundreds of civilians, including 110 children at a primary school.
The effective closure of the Strait of Hormuz, a narrow maritime corridor facilitating roughly a fifth of the world's oil supply, severely disrupted shipments. Brent crude, which traded below USD#70 a barrel before the conflict, rapidly escalated above USD#100 in mid-March, peaking at just over USD#119.
However, following the announcement of a temporary ceasefire earlier this month, oil prices have retreated below the USD#100 mark, offering some relief. Motoring organisations anticipate further reductions, potentially several pence per litre, as wholesale market costs remain below their recent peaks. A USD#10 fluctuation in crude oil generally translates to a 7p change at the pump.
The Office for National Statistics reported that by March, 75% of individuals cited fuel prices as a reason for increased living costs, a significant jump from 38% in February. Aman Navani, a senior research and policy analyst at the Work Foundation, highlighted
