A leading expert has warned that Britons could soon see a dramatic rise in petrol and diesel prices as tensions in the Middle East near boiling point, massively impacting the cost of fuel.
The latest data from RAC Fuel Data shows how drivers are paying an average of 134.52p per litre for unleaded petrol and 139.21p for diesel at the pump.
The RAC predicts that these prices will continue to fall, as they have been doing in recent months, although experts are warning that international tensions could spell danger for these price drops.
Earlier this week, the price of Brent crude oil passed the $80 (£61.33) mark following fears Israel could target Iran’s oil and gas facilities.
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The Russian invasion of Ukraine forced global fuel prices higher in 2022
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Experts have warned that Israeli Defence Minister Yoav Gallant’s promise that a strike against Iran would be “lethal, precise and surprising”, raising fears that Israel could attack strategic positions.
According to Reuters, Gulf states have called on the United States to stop Israel from attacking Iranian oil sites over fears their own facilities could come under fire from Tehran’s allies.
Speaking to GB News, Paul Holland, Managing Director for UK/ANZ Fleet at Corpay, including UK brand, Allstar, said motorists in Britain should prepare to see a jump in prices.
He added: “There is usually a lag between events, oil prices and the price at the pump, so we may not see prices jump immediately.
“The problem for motorists will come if prices rise at the same time as the fuel duty tax break is removed, which could cause a sudden and very significant rise in prices.
“I would definitely expect a rise in prices in the immediate future, though how much depends entirely on the leadership of Iran and Israel.”
Fluctuating petrol and diesel drivers have been seen across the UK in recent months and years due to global conflicts impacting the overall cost of oil.
This was seen when tensions between the United States and Saudi Arabia rose following the Saudi’s decision to ditch its plan to increase oil production.
There were plans for Saudi state oil company Aramco to expand its maximum production capacity to 13 million barrels per day by 2027, although this was abandoned in January this year.
Similar instances were seen when Russia invaded Ukraine in February 2022, which set off a chain of events ultimately resulting in the most expensive prices ever seen at the pump in the UK.
Many drivers were paying more than £2 for their petrol and diesel, with some motorway forecourts charging over £2.50 to desperate Britons along their journeys.
With the new hostilities between Israel, Lebanon and Iran, there are concerns that these high prices could return to UK forecourts, further harming drivers looking to save on the expensive cost of motoring.
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Motorists will hope to hear from Chancellor Rachel Reeves in the upcoming October Budget
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Labour’s Budget at the end of October could provide some relief to British motorists if it decides to keep the 5p per litre fuel duty freeze active until it expires in March 2025.
At present, there are fears that Chancellor Rachel Reeves could look at fuel duty as a way to claw back money to deal with the £16.4billion black hole in finances left by the previous Conservative administration.
Speaking previously to GB News, an HM Treasury spokesperson said: “Following the spending audit, the Chancellor has been clear that difficult decisions lie ahead on spending, welfare and tax to fix the foundations of our economy and address the £22 billion hole in the public finances left by the last Government.
“Decisions on how to do that will be taken at the Budget in the round.”