Fuel price hikes halt – is relief for drivers finally in sight?
Car changing is a big deal
After weeks of sharp increases driven by tensions in the Middle East, new data suggests fuel prices may have peaked, with drivers potentially seeing costs begin to fall in the coming days.
Fuel prices across the UK appear to have stopped rising after more than six weeks of sharp increases, according to new analysis from the RAC.
Prices have climbed continuously for 43 days, pushing petrol up by 5.5p per litre to 158.3p, while diesel rose to 191.54p. But the latest data from the RAC, which monitors average fuel prices through its Fuel Watch platform, indicates that the upward trend has now stalled and could begin to reverse.
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The recent increases follow several weeks of relative stability earlier in the year, with prices rising due to higher wholesale oil costs. These have been driven by geopolitical tensions in the Middle East and disruptions to shipping through the Strait of Hormuz, a key global oil route.
Despite the spike, the UK government has said there’s no need for drivers to panic buy, noting that prices remain below the record highs seen during the 2022 energy crisis, when petrol briefly approached £1.90 per litre.
RAC’s head of policy, Simon Williams, said wholesale fuel costs have dropped significantly since the start of the month, which should feed through to lower pump prices.
“Pump prices appear to have finally stopped rising… wholesale fuel costs are now significantly lower… so forecourt prices should begin to come down,” he said.
If the trend continues, petrol and diesel could fall by several pence per litre within the next week.
The recent surge has been costly for motorists. Filling a typical family car now costs around £87 for petrol and £105 for diesel – increases of £14 and £27 respectively compared with late February, according to the RAC.
Carwow data also shows electric car enquiries have risen 23% on the platform, amid rising fuel prices driven by the war in Iran, prompting more drivers to consider EVs.
What is means for you
For many drivers, this could mark a turning point after a period of sustained financial pressure. Here are some things to keep in mind:
- Prices are expected to start falling within days, easing weekly fuel costs.
- Even a drop of a few pence per litre could save £2-£4 per tank.
- If possible, delaying a full refill for a few days may mean paying less.
- Prices depend on wholesale costs continuing to fall – so reductions aren’t guaranteed.
In short, while fuel remains expensive, there are early signs that the worst of the recent price surge may be over.
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Looking for a new set of wheels? With Carwow you can sell your car quickly and for a fair price – as well as find great offers on your next one. Whether you’re looking to buy a car brand new, are after something used or you want to explore car leasing options, Carwow is your one stop shop for new car deals.
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