UK petrol price hits Iran war high, adding to pressure on households
📰 source: theguardian_business · 💼 business
uk petrol prices hit a new iran war high at forecourts, with the average pump price reaching 160p a litre on friday — the highest since november 2022. the jump reverses a fall to 151p in early july after a middle east ceasefire was announced. diesel rose 14.5p to 179p, but stays below april's 192p high.
the rac said filling a family-size car with unleaded now costs £88, while a tank of diesel is £10 more. wholesale petrol eased slightly this week but not enough to cut pump prices. diesel looks set to keep rising, probably reaching 185p in the next few weeks, according to the rac's simon williams.
fuel prices had dropped after the us and iran reached a memorandum in mid-june extending a 60-day ceasefire. but us strikes on iran resumed, and tehran hit two tankers in the strait of hormuz, pushing brent crude above $90 a barrel. the aa said 20.5 million drivers will hit the road in the third week of holiday season. a new fuel finder scheme may be keeping pump prices closer to wholesale, reducing 'rocket and feather' behavior.
why it matters: record uk pump prices during peak holiday travel squeeze household budgets and signal higher fuel costs ahead.
source: theguardian_business
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