What's happening to UK petrol and diesel prices?
UK petrol and diesel prices have risen due to the ongoing US-Israel war with Iran, which has disrupted energy production and transportation. The RAC motoring group warns that prices may continue to increase unless the conflict is resolved. Despite recent price hikes, current fuel costs remain below the peaks reached during the summer of 2022 following Russia's invasion of Ukraine.
- ▪The price of petrol reached 158.5p a litre on 19 May, the highest since the war began.
- ▪A barrel of Brent crude oil has seen significant volatility, jumping from $73 to $126 at one point.
- ▪The UK is heavily reliant on oil imports, primarily from the US and Norway.
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What's happening to UK petrol and diesel prices?10 minutes agoShareSaveAdd as preferred on GoogleFaarea MasudBusiness reporterGetty ImagesMotorists in the UK have faced higher fuel costs since the US-Israel war with Iran began on 28 February.The conflict has disrupted the production and transportation of energy across the Middle East, and at some points has stopped it entirely as a result of missile strikes and drone attacks.The RAC motoring group has warned that prices at the pump could keep rising if there is no resolution to the conflict.How do wholesale oil prices affect the cost of petrol and diesel at the pump?Crude oil is a key ingredient in petrol and diesel, which means that higher wholesale costs make filling up a car more expensive.Analysts say every $10 (£7.53) increase in the…
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