After 43 consecutive days of increases, the relentless rise in fuel prices has finally come to a halt, according to the latest data from the motoring organization RAC. This pause follows a temporary ceasefire in the Gulf, which has helped lower crude oil prices from their recent peaks and subsequently reduced costs on wholesale fuel markets.
Despite the halt, current prices remain significantly higher than before the conflict began. On average, petrol now costs just over 158p per litre, up from 133p in late February, while diesel has surged from 142p to 192p per litre. The RAC notes that diesel's steeper increase is due to its more complex refining process and high global demand, with the UK importing approximately half of its diesel supply.
The recent price hikes have substantially increased filling costs for consumers. Topping up a typical family car with petrol now costs about £14 more, and a diesel tank is roughly £27 more expensive than earlier this year.
"Wholesale fuel costs are now significantly lower than they were at the start of the month, so forecourt prices should begin to come down," said Simon Williams, the RAC's head of policy. "As things stand, we'd expect petrol and diesel to drop by several pence a litre in the next week or so. It will be very interesting to see if this plays out as the data indicates. We hope it does as drivers could do with some relief at the pumps."
The motor fuels sector has previously faced criticism for implementing price increases rapidly when oil costs rise but being slower to reduce them when prices fall—a practice often referred to as "rocket and feather" pricing. In late 2022, the Competition and Markets Authority (CMA) found some evidence of this behavior. In response to ongoing energy cost surges, the CMA announced last month that it would intensify its monitoring of forecourt prices to ensure fair practices.