RAC News & Analysis
2 articles
Market Mood
Petrol Prices Reach 158.52p Amid Conflict Impact on Energy Market
The average price of unleaded petrol has increased to 158.52p per litre, the highest since the onset of the Iran war, according to the RAC. Prices surged following the conflict that began on February 28, impacting energy production and transport in the Middle East. The price of Brent crude oil is currently about $111 per barrel, up from approximately $73 prior to the conflict. Diesel prices also rose, now averaging 185.92p per litre, while the average price of unleaded petrol was 132.83p at the conflict's start. The RAC anticipates petrol could reach at least 160p unless oil prices dramatically drop.
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UK Diesel and Petrol Prices Drop Slightly After Weeks of Increases
Petrol and diesel prices in the UK have decreased slightly for the first time since the US-Israel war with Iran, as reported by the RAC. Diesel has reduced by 0.6p to just below 191p per litre, while petrol has fallen by 0.3p to just under 158p per litre. This reduction follows a period where diesel surged from 142p to nearly 192p and petrol rose from 133p to over 158p. Despite the recent declines, fuel prices remain below summer 2022 levels, when gasoline reached 191.5p per litre and diesel hit 199p.
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