The average cost of unleaded petrol has climbed to 158.52p per litre, marking its highest point since the outbreak of the Iran conflict, according to figures released by the RAC.
Fuel prices for both petrol and diesel jumped sharply after the war began on 28 February, as missile strikes and drone attacks disrupted energy production and transportation across the Middle East.
The RAC noted that petrol prices had previously reached a high of 158.31p per litre on 15 April before dropping by just over a penny. However, prices started rising again at the beginning of May.
The motoring group warned that the cost of unleaded fuel could soon exceed 160p per litre unless oil prices experience a “dramatic and sustained drop.”
Brent Crude, the global benchmark for oil prices, is currently trading at around $111 per barrel, compared with roughly $73 per barrel before the conflict erupted.
The increase in crude oil prices has directly affected fuel prices at filling stations. At the start of the conflict, the average cost of unleaded petrol stood at 132.83p per litre.
Diesel prices have also risen sharply. The average price at the onset of the war was 142.38p per litre, but it has now climbed to 185.92p per litre.
“The news that petrol has climbed to a new wartime high comes in a week when the chancellor is thought to be on the point of scrapping plans to increase fuel duty by a penny in September,” said Simon Williams.
He explained that the proposed increase would have marked the beginning of reversing the 5p fuel duty reduction introduced during the Ukraine war. According to Williams, maintaining the current fuel duty rate of 52.95p per litre would bring some relief to motorists already struggling with rising fuel costs.
The Treasury has declined to comment on speculation surrounding tax changes.
Williams added that the situation for diesel prices appeared “more positive” because wholesale diesel costs have fallen considerably since reaching their peak in early April.
However, although diesel pump prices have dropped to their lowest level since the start of last month, he argued they should still be significantly cheaper than current rates.
“We urge retailers to reflect the savings they’re benefiting from when buying new supply on the forecourt,” he said.