UK fuel prices have tumbled in recent days following the easing of tensions between the US and Iran. The relief is palpable for drivers, with petrol prices shedding 4.8p per litre since May 28th, while diesel has plummeted by a significant 10.3p per litre. This price correction is largely attributed to the decrease in Brent crude oil, which has dipped to around $76 per barrel following the signing of the framework deal.
Market analysts suggest that this trend may continue, with further fuel price drops anticipated in the coming weeks. The AA forecasts petrol could breach the 150p per litre threshold within a week's time, bringing welcome respite for motorists struggling with high pump costs.
The Royal Automobile Club (RAC) notes, however, that despite these developments, drivers are still facing higher fuel bills than pre-pandemic levels. In fact, petrol prices remain roughly 30p per litre above their pre-Covid averages, with the RAC attributing this to various global supply chain disruptions and ongoing demand for fuels.