Fuel prices dip for first time since start of Iran oil crisis

Fuel prices have fallen for the first time since the start of the Middle East conflict.

The RAC said “drivers will be relieved” as the average price of a litre of petrol at UK forecourts was 158.1p on Thursday, down from 158.3p a day earlier.

Diesel saw a drop from 191.5p to 191.2p over the same period.

This followed 46 days in a row when fuel prices rose.

A litre of petrol and diesel remains 25p and 49p respectively more expensive than when the war began on February 28.

RAC head of policy Simon Williams said: “After 46 days of rising prices, the cost of both petrol and diesel across the country has finally begun to drop very slightly.

“Wholesale prices are still lower, so we’re hopeful there will be further reductions amounting to several pence a litre in the coming days.

“After record rises, drivers will be relieved to finally see prices going the other way.

“While we’re a long way from a return to the prices we had at the start of the conflict, there’s now a glimmer of light at the end of the tunnel.”

Motoring research charity the RAC Foundation estimated that rises in pump prices since the start of the war have led to motorists’ fuel bills being £1.4 billion higher.

This is based on average daily pump price rises and last year’s fuel consumption rate.

The Strait of Hormuz, through which a fifth of the world’s oil normally flows, has been closed by Iran as a response to America and Israel’s strikes.

This has caused a spike in the cost of oil, which is a major factor in fuel prices.