UK fuel priceshave fallen for the first time since theMiddle East conflictbegan, offering a glimmer of relief to motorists.
Petrolaveraged 158.1p per litre on Thursday, a slight decrease from 158.3p the previous day.Dieselalso saw a modest drop, from 191.5p to 191.2p over the same period.
This marks an end to46 consecutive days of rising costs. Despite the fall, bothpetrolanddieselremain 25p and 49p respectively more expensive than when the war began on February 28.
RAChead of policy Simon Williams said: “After 46 days of rising prices, the cost of both petrol and diesel across the country has finally begun to drop very slightly.
“Wholesale prices are still lower, so we’re hopeful there will be further reductions amounting to several pence a litre in the coming days.
“After record rises, drivers will be relieved to finally see prices going the other way.
“While we’re a long way from a return to the prices we had at the start of the conflict, there’s now a glimmer of light at the end of the tunnel.”
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Motoring research charity theRAC Foundationestimated that rises in pump prices since the start of the war have led to motorists’ fuel bills being £1.4 billion higher.
This is based on average daily pump price rises and last year’s fuel consumption rate.
TheStrait of Hormuz, through which a fifth of the world’s oil normally flows, has been closed byIranas a response to America and Israel’s strikes.
This has caused a spike in the cost of oil, which is a major factor infuel prices.
Meanwhile, an energy chief warnedEuropeonly hasaround six weeks of jet fuel supply left, in what he fears could be “the largestenergy crisiswe have ever faced”.
Fatih Birol, the head of the International Energy Agency, addedflight cancellationswill begin “soon” if theStrait of Hormuzremains closed amidthe Iran war, potentially plunging summer holidays into chaos.
It comes aseasyJetannounced it expected a headline loss of between £540 million and £560 million before tax for the six months to the end of March, with the airline having spent an extra £25 million on jet fuel last month.