Petrol prices in the UK have reached a new high since the Iran war began, with the average price of a litre of petrol now 159.43p. This is according to motoring services firm the RAC, which tracks petrol prices across the country. The increase is due to the price of oil jumping back up to $100 per barrel following fresh US strikes.
As a result, motorists in the UK are facing higher fuel costs, with many struggling to make ends meet. The UK Government has been under pressure to take action to reduce fuel prices, but so far, no concrete measures have been announced.
The increase in petrol prices is also affecting British nationals living abroad, particularly in countries with limited public transport options. The Foreign Office has advised Britons to be aware of the increased cost of travel and to consider alternative modes of transport.
According to the RAC, the increase in petrol prices is also having a knock-on effect on the UK's economy. Higher fuel costs are likely to lead to increased inflation, which could have a negative impact on consumer spending power.
The UK's trade implications are also being felt, with the increase in oil prices likely to lead to higher costs for businesses that rely on imports. This could have a negative impact on the UK's balance of trade and could lead to job losses in sectors such as manufacturing and logistics.
With no end in sight to the Iran war, motorists in the UK are bracing themselves for further price increases. The RAC has warned that petrol prices could continue to rise in the coming weeks and months, making it even more difficult for motorists to afford the cost of fuel.