Rise in fuel prices has ‘almost ground to a halt’

The rise in fuel prices since the start of the Middle East conflict has nearly reached a standstill, new figures show.

Average pump prices at UK forecourts increased for the 43rd consecutive day on Monday to reach 158.3p per litre for petrol and 191.5p per litre for diesel, the RAC said.

But that means prices have increased by less than a penny since Thursday.

RAC head of policy Simon Williams said: “The increases have almost ground to a halt.

“With dated Brent crude under 100 US dollars a barrel for the last three trading days, there’s now scope to see prices finally starting to go the other way.

“But, as always, it’s a highly volatile situation with much depending on what happens with the Strait of Hormuz.

“And, if the oil price was to go well over 100 US dollars again this week, any hopes of slight forecourt reductions will inevitably disappear.”

Brent crude jumped back past 100 US dollars a barrel on Monday after US President Donald Trump vowed to blockade Iranian ports.

The latest pump prices represent hikes of 25p per litre for petrol and 49p per litre for diesel from the day the war began on February 28.