Fuel prices fall in wake of US Iran deal
RAC head of policy Simon Williams said: "The oil price has already dropped as a result of the US Iran deal to open the Strait of Hormuz which is good news for drivers as this should quickly bring prices down at the pumps.
"We saw the cost of both petrol and diesel rocket at the start of the conflict, so we hope the fall will be just as quick. At its worst, the average price of petrol rose by 20% to 159.53p which was 27p more than it was on 28 February. Diesel peaked at 191.54p on 15 April which was a 49p increase, or 19%, since the start of the conflict.
"Prior to the deal being announced we were already expecting prices to come down significantly. If oil now begins to consistently trade around $85 – something we haven't seen since early March – we should see the price of petrol reduce to 148p a litre from its current average of 156p in the next couple of weeks. Diesel, which currently costs an average of 177p, ought to fall to under 160p.
"Before the war began we had an oil price of $70 which translated to an average petrol price of 132p and 141p for diesel."
The average price of diesel is now 176.77p, having fallen 14.77p since its peak of 191.54p on 15 April. It now costs £97.22 to fill up a 55-litre family car with diesel – £18.91 more than it did on 28 February.
Petrol now averages 155.89p across the UK. It has reduced by 3.64p since its Iran War high of 159.53p on 28 May. It now costs £85.74 for a tank of unleaded – £12.68 more than at the start of the conflict.
Press team
