The RAC has predicted that petrol and diesel drivers could be paying 18p per litre more to use the roads this March. Conflict in Iran is likely to disrupt global oil costs, which in turn will see petrol and diesel prices rise at home.
The length of military action and delays to shipping will determine how high wholesale oil costs rise and how much road users in the UK are affected. However, the RAC has warned it is possible oil costs could exceed $100 per barrel, which would likely tip average unleaded fees up to 150p per litre.
With unleaded petrol fuel currently sold on forecourts at 132p per litre, this would mark a staggering 18p per litre rise.
RAC head of policy Simon Williams explained: “If oil were to climb to and stay at the $80 a barrel mark, then drivers could expect to pay an average of 136p for petrol. At $90, we’d be looking at over 140p a litre and $100 would take us nearer to 150p, but it’s all too soon to know.”
The AA has predicted that petrol prices are likely to rise within 10 to 12 days but has stressed road users should not fall into panic buying. It comes after staggering queues have already been spotted at petrol stations across the UK, with motorists desperate to top up before being slapped with price hikes.
However, any increase would be a blow to road users who have enjoyed the benefits of a decline in prices at UK forecourts since the start of the year.
Prices had started to rise in recent weeks due to wholesale oil fees, but a radical jump hasn’t been seen since Russia invaded Ukraine back in 2022.
Simon added: “While the conflict in the Middle East undoubtedly has the potential to push up pump prices in the UK, it’s not a certainty. The oil price would have to rise significantly and stay that way for some time to have a dramatic effect.
"Forecourt prices were already on the rise due oil trading nearer to $70 a barrel in the last few weeks. Regardless of the current situation, petrol rose by a penny a litre in February and is likely to go up by another penny in the next week or so to an average of 134p a litre.”
