What's happening to petrol prices now oil is back to pre-Iran war levels?
The RAC says it now costs £83.59 to fill up a 55-litre family car with petrol and £92.75 for diesel, However, this is still £10.50 and £14.40 respectively more than it did at the end of February before the conflict began.
The RAC's head of policy, Simon Williams, said: "Fuel prices are falling steadily in reaction to the drop in the price of oil and wholesale petrol and diesel costs which is good news for drivers who've had a torrid time at the pumps this year.
"But our analysis of wholesale data shows the reduction should be faster and greater, particularly for diesel. Drivers really ought to see average prices of below 150p for unleaded and below 160p for diesel in the next week or so."
Despite the conflict, petrol and diesel prices remained below the levels reached in the summer of 2022 following Russia's invasion of Ukraine, when petrol reached 191.5p a litre and diesel hit 199p.
Because transporting oil is a slow process, price movements in the wholesale markets take about a fortnight to show at the pump.
Fuel retailers have denied accusations of price gouging during the conflict. The official markets regulator said it had "not seen evidence of retailers actively changing their pricing strategies to take advantage of the crisis".
A government scheme called Fuel Finder, external lets drivers compare the cost of fuel offered by petrol stations across the UK.
Luke Bosdet, the head of policy at the AA, said the group had been surprised at the speed that prices had fallen and put it down to the scheme.
On 20 May Prime Minister Sir Keir Starmer said a planned 5p increase in fuel duty due in September would be postponed until 31 December because of the conflict.
Oil prices have retreated to their pre-conflict levels, and petrol station prices are following suit. Current fill-up costs are £83.59 for a typical family car and £92.75 for diesel. These represent meaningful reductions from the elevated levels seen during the conflict escalation, though they remain above prices from late February. Industry analysts suggest the downward adjustment should accelerate further, with expectations for petrol below 150p and diesel below 160p per litre within days. The lag between wholesale price changes and retail prices—typically around two weeks—explains why pump prices continue adjusting. Fuel retailers have denied exploiting the crisis for higher margins, and market regulators have found no evidence of such behaviour. The government has deferred a planned fuel duty rise from September to the end of the year.
The RAC says it now costs £83.59 to fill up a 55-litre family car with petrol and £92.75 for diesel, However, this is still £10.50 and £14.40 respectively more than it did at the end of February before the conflict began.
The RAC's head of policy, Simon Williams, said: "Fuel prices are falling steadily in reaction to the drop in the price of oil and wholesale petrol and diesel costs which is good news for drivers who've had a torrid time at the pumps this year.
"But our analysis of wholesale data shows the reduction should be faster and greater, particularly for diesel. Drivers really ought to see average prices of below 150p for unleaded and below 160p for diesel in the next week or so."
Despite the conflict, petrol and diesel prices remained below the levels reached in the summer of 2022 following Russia's invasion of Ukraine, when petrol reached 191.5p a litre and diesel hit 199p.
Because transporting oil is a slow process, price movements in the wholesale markets take about a fortnight to show at the pump.
Fuel retailers have denied accusations of price gouging during the conflict. The official markets regulator said it had "not seen evidence of retailers actively changing their pricing strategies to take advantage of the crisis".
A government scheme called Fuel Finder, external lets drivers compare the cost of fuel offered by petrol stations across the UK.
Luke Bosdet, the head of policy at the AA, said the group had been surprised at the speed that prices had fallen and put it down to the scheme.
On 20 May Prime Minister Sir Keir Starmer said a planned 5p increase in fuel duty due in September would be postponed until 31 December because of the conflict.
It now costs £83.59 to fill a 55-litre family car with petrol and £92.75 for diesel This is £10.50 and £14.40 respectively more than at the end of February before the conflict began Fuel prices are falling steadily in reaction to the drop in the price of oil and wholesale petrol and diesel costs The reduction should be faster and greater, particularly for diesel Drivers really ought to see average prices of below 150p for unleaded and below 160p for diesel in the next week or so Petrol and diesel prices remained below the levels reached in summer 2022 following Russia's invasion of Ukraine, when petrol reached 191.5p a litre and diesel hit 199p Transporting oil is a slow process, and price movements in the wholesale markets take about a fortnight to show at the pump Fuel retailers have denied accusations of price gouging during the conflict The official markets regulator said it had not seen evidence of retailers actively changing their pricing strategies to take advantage of the crisis A planned 5p increase in fuel duty due in September was postponed until 31 December because of the conflict
- Oil prices have fallen back to pre-Iran war levels, with petrol now costing £83.59 to fill a 55-litre family car and diesel £92.75
- Despite the drop, fuel remains £10.50-£14.40 per tank more expensive than end-February before the conflict began
- The RAC expects further price reductions to below 150p for unleaded and 160p for diesel within a week or so
- Fuel price changes typically take about two weeks to reach pumps after wholesale market shifts
- A 5p fuel duty increase scheduled for September has been postponed to 31 December