Petrol and diesel drivers are being urged to fill up at the pump by July 1, when higher prices hit. UK households have been put on alert that petrol prices could be set to soar, with advice to capitalise on the current rates while possible.
The escalating crisis between Israel and Iran have triggered a rise in oil prices, with the tensions causing the largest single-day oil price surge in the last three years. Brent crude oil jumped nearly 10% overnight last week before settling 7% higher at $74 a barrel – and it could spell the end of cheap prices as soon as July hits.
Luke Bosdet, spokesperson for the AA, said: “Bottom-line, the falls in the average pump price of petrol that took it down from 139.8p a litre in February to 132p this week will come to an end.”
Luke added: “Inevitably, conflict in the Middle East forces up the price of oil and threatens higher pump prices in the UK.”
It takes around two weeks for changes in wholesale fuel costs to be reflected at the pump, the RAC says.
It means motorists may find it useful to fill their tanks as much as possible before June draws to a close. Rhydian Jones, a car insurance expert at Confused.com, advised drivers to shop around for the best deals to save money.
Mr Jones says there are a few easy things drivers can do to limit the amount of fuel you use.
He added: “Simple changes to your driving habits can help reduce fuel consumption and cut down how often you need to fill up.
“These include removing unnecessary weight from your car, keeping tyres properly inflated, driving gently without overusing the accelerator, keeping windows closed, and avoiding idling whenever possible.”
On the flip side, petrol prices fell by 2p in May with the lowest average pump price now at its lower level is almost four years, according to RAC Fuel Watch.
Drivers are now paying the lowest price for petrol since early July 2021 while diesel – which also came down by 2p – has gone below 139p for the first time since September 28 2021.
The cost of a litre of petrol came down from 134p at the start of May to 132.3p by the end of the month, while diesel dropped from 140.5p to 138.4p.
Although 2p may not sound much the drop means the cost of filling a 55-litre family car last month fell by a £1.
Meanwhile, a litre of supermarket unleaded is now down to 129p and diesel to 135p, both 3p lower than the UK averages.