New update on when UK petrol and diesel prices will ‘go other way’ | Personal Finance | Finance

The surge in fuel prices since the outbreak of the Middle East conflict has almost ground to a halt, new figures reveal. Average pump prices at UK forecourts rose for the 43rd consecutive day on Monday to hit 158.3p per litre for petrol and 191.5p per litre for diesel, according to the RAC. However, this represents an increase of less than a penny since Thursday.

Prices for both fuels soared when the latest conflict erupted. A major factor was the chokehold on the Strait of Hormuz, a crucial waterway for global oil transportation.

A ceasefire that took effect last week between the US and Iran triggered a decline in oil prices and sparked hopes that the relentless increases at UK pumps would begin to reverse. Yet the truce has already shown signs of fragility, pushing oil prices back up in recent days. With US President Donald Trump threatening a blockade of the region from Monday, the outlook remains unclear.

For the time being, at least, it appears that continuous increases have slowed. What unfolds next will hinge on how the conflict develops over the coming days and weeks.

RAC head of policy Simon Williams said: “The increases have almost ground to a halt. With dated Brent crude under 100 US dollars a barrel for the last three trading days, there’s now scope to see prices finally starting to go the other way.

“But, as always, it’s a highly volatile situation with much depending on what happens with the Strait of Hormuz.

“And, if the oil price was to go well over 100 US dollars again this week, any hopes of slight forecourt reductions will inevitably disappear.”

Brent crude surged back above 100 US dollars a barrel on Monday following President Trump’s pledge to blockade Iranian ports.

The current pump prices reflect increases of 25p per litre for petrol and 49p per litre for diesel since the conflict commenced on February 28.