UK petrol hits highest price since Dec 2022 at 158.5p

Petrol prices in the United Kingdom have reached their highest level since December 2022, surpassing a previous peak recorded during the recent conflict in the Middle East. According to data from the RAC, the average price of a litre of petrol at UK forecourts now stands at 158.5 pence.

The increase follows a period of volatility linked to global oil markets. After the onset of the Middle East conflict in late February, the average price peaked at 158.3p in mid-April before falling slightly. It has since resumed an upward trajectory. Simon Williams, head of policy at the RAC, described the recent rise as bad news for drivers ahead of the bank holiday and warned that further increases are anticipated. He stated that RAC analysis of wholesale fuel data indicates unleaded petrol is likely to increase to at least 160p a litre in the coming weeks, barring a dramatic and sustained drop in the price of oil, which has remained above 100 US dollars a barrel since late April.

In contrast, the outlook for diesel is more positive, with wholesale prices having fallen significantly since a peak in early April. The average pump price for diesel has decreased by nearly six pence to 185.92p, its...