Drivers are being urged to consider cutting out non-essential journeys because fuel prices are expected to rise, according to AA president Edmund King. The AA also advises drivers to reduce their speed by 10 percent to improve fuel efficiency. Edmund King stated that the longer the conflict goes on, the more effect it will have on the cost of oil, adding that any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.
Average petrol and diesel prices have rocketed in the last week and are likely to keep on rising, according to RAC head of policy Simon Williams. The average price of a litre of diesel at UK forecourts on Wednesday was 184.2p, up 29 percent from 142.4p when the war began on February 28, the RAC reported. The average cost of petrol stands at 153.7p per litre, which represents a 16% increase from 132.8p when the war started, according to the RAC. Simon Williams said that unleaded is almost certainly going to reach an average of 140p in the next week or so, while diesel looks highly likely to climb to at least 160p a litre. Rises in pump prices have led to motorists paying an additional £583 million for petrol and diesel, consisting of £439 million for diesel and £144 million for petrol, according to the RAC Foundation.
I understand those comments are more about consumer advice to save money rather than any suggestion that we are low on supply.
Oil prices have soared above 100 dollars a barrel for the first time since 2022 in response to the Middle East conflict, multiple reports indicate. Analysis from the Energy and Climate Intelligence Unit shows oil trading at 100 dollars a barrel typically results in petrol prices of about 150p per litre, while oil hitting 120 dollars a barrel means petrol prices of about 170p per litre. Oil prices have soared in response to Iran’s stranglehold on tankers passing through the Strait of Hormuz, according to reports. The full extent of Iran's impact on oil tanker movements through the Strait of Hormuz remains unclear.
Downing Street said the suggestion from the AA about limiting journeys was not linked to any supply shortage, according to the Prime Minister's official spokesman. The government is closely monitoring prices in light of the situation in the Middle East, the Prime Minister's official spokesman confirmed. According to BirminghamLive, Labour Party communities secretary Steve Reed described the situation as clearly very concerning but said the government is monitoring oil prices regularly and does not think there is cause for undue alarm yet. The Prime Minister's official spokesman stated that those comments are more about consumer advice to save money rather than any suggestion that the UK is low on supply, adding that the government is obviously closely monitoring prices in light of the situation in the Middle East.
We are obviously closely monitoring prices in light of the situation in the Middle East.
Chancellor Rachel Reeves has faced calls to scrap a planned 5p increase in fuel duty due to be phased in from September, multiple reports indicate. The Chancellor keeps all taxes under review and takes decisions at budgets, a No 10 spokesman said. Whether the government will scrap the planned 5p fuel duty increase in September is uncertain. The No 10 spokesman noted that the Chancellor keeps all taxes under review and takes decisions at budgets.
Drivers were advised to anticipate road conditions to avoid continuous harsh braking, the AA said. AA president Edmund King advised drivers to use fuel price comparison apps to find the cheapest petrol or diesel. All UK forecourts have been required to report price changes to the government’s Fuel Finder database within half an hour of a change since February 2. Edmund King remarked that diesel drivers can save £10 per tank by changing their driving style, adding that often there are price discrepancies up to 19p per litre within short distances. Simon Williams encouraged drivers to continue filling up as normal but to shop around for the best prices.
We don’t yet know how long this conflict will go on for.
The exact timeline for when pump prices will stabilize or decrease is unknown, and how the fuel price increases will affect broader inflation and the UK economy remains to be seen. According to BirminghamLive, Steve Reed described that the government does not yet know how long the conflict will go on for, saying it could be over in days or continue longer. Edmund King observed that there will be gradual increases in pump prices, but this shouldn’t happen overnight as fuel has been purchased at previous prices. He suggested that drivers should not change their refuelling habits but can consider cutting out some non-essential journeys and changing their driving style to conserve fuel.
It could be over in days. It could continue for longer. So I think the sensible and rational response from government is to monitor the situation and make sure we’re prepared.
It’s clearly very concerning what’s going on in the Middle East. There’s no point to him trying to pretend anything other than that is the case.
But the government will be keeping a very close eye on the situation with oil prices. We’re monitoring that regularly. I don’t think that there is cause for undue alarm yet.
If the previous government had done what this government is doing, and had driven the switch to clean energy, so more wind, wave and solar power, power and more nuclear power, then we wouldn’t be at the mercy of people like the ayatollahs in Iran or Vladimir Putin in Russia.
The government, of course, all of us, are looking at what’s happening with the oil crisis. We have to keep that under review to make sure that we’re taking any action that might be, that might be required. But we don’t know how long the situation is going to go on for.