RAC reaction as oil reaches $118
RAC head of policy Simon Williams said:
"The sudden spike in the price of crude oil due to the latest tensions in the Middle East is likely to be a setback for drivers. While the price of unleaded at the pumps has fallen by more than a penny since peaking on 15 April at 158.31p, our analysis of wholesale costs shows petrol is now more expensive for retailers to buy than at any time since the war began. However diesel, which has come down by 3p a litre, is currently well below its highest wholesale price since the start of the conflict, so should fall further.
"The switch round in wholesale cost trends is partly due to the time of year as the market for petrol tends to increase in the spring as people in the US begin to drive more, whereas the price of diesel often reduces as Western Europe's use of heating oil, which is made from the same part of the barrel, lessens as the temperature warms up."
| Petrol | Diesel | Unleaded daily change | Unleaded change - since 28/2 | Unleaded % change since 28/2 | Diesel daily change | Diesel change - since 28/2 | Diesel % change since 28/2 |
28/02/2026 | 132.83 | 142.38 | +0.2 | 0 | 0.0% | +0.2 | 0 | 0.0% |
30/04/2026 | 156.98 | 188.53 | -0.10 | +24.2 | 18.2% | -0.33 | +46.2 | 32.4% |
Peak
15/04/2026 | 158.31 | 191.54 | +0.01 | +25.5 | 19.2% | 0.0 | +49.2 | 34.5% |
Since the peak, petrol has fallen by 1.33p and diesel by 3p.
