Warning to drivers as fuel prices see 6p-a-litre | Tech News

Petrol and diesel prices have soared by as a lot as 6p-a-litre to a 16-month high simply a week after battle started within the Middle East. New knowledge from the RAC has discovered the average diesel prices hit 148.4p on Friday, up on the 142.4p per litre recorded simply final week, the very best diesel price rise since August 2024.

Petrol prices have additionally soared with prices virtually 4p per litre larger since final Saturday. Petrol prices are actually trading at round 136.5p, up on the 132.8p paid by drivers simply seven days in the past. It comes after the price of Brent crude oil has soared, with the commodity trading at $92 a barrel, a staggering rise on the $80 price recorded earlier this week.

Experts have warned the staggering fee of oil price rises might see motorists have lots of of kilos added to their annual working prices as the Middle East oil disaster worsens. Experts on the Energy and Climate Intelligence Unit (ECIU) have predicted highway customers might see as a lot as £500 added to their annual petrol and diesel payments if international oil prices proceed to soar.

New evaluation by the ECIU of the previous relationship between the price of a barrel of oil and the price of petrol has predicted that oil trading at $100 a barrel will doubtless lead to petrol prices leaping from 135p per litre to 150p.

If oil hits $150 a barrel, petrol prices within the UK might attain a whopping £1.90 a litre, growing refuelling prices by over £500 a 12 months.

Colin Walker, Head of Transport on the Energy and Climate Intelligence Unit stated: “Such an increase in the price of oil could see a litre of petrol jumping to around £1.90 – a price last seen in 2022 after Russia’s invasion of Ukraine – adding over £500 to the average fuel bill of a British petrol car driver.

“But with 1.8m EVs now on the UK’s roads, an growing quantity of British drivers are insulated from these spikes in worldwide vitality markets.

Qatar’s Energy Minister Saad al-Kaabi has predicted that it was potential that oil prices might hit $150 per barrel.

The Minister burdened that the battle might see Gulf vitality exporters shut down manufacturing within days which might have a drastic knock-on impact on pricing.

Kaabi instructed the Financial Times: “If this war continues for a few weeks, GDP growth around the world will be impacted. Everybody’s energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that cannot supply.”