UK Petrol Prices Rise Above 150p/Litre; Diesel Exceeds 177p Amid Geopolitical Tensions

The average price of petrol in the UK has surpassed 150p per litre for the first time since May 2024, with diesel now above 177p. This increase follows military actions involving the US and Israel in Iran, impacting fuel supply and prices. Unleaded petrol is now 17p per litre more expensive than prior to the conflict, while diesel prices have increased by 35p per litre. Asda's CEO reported significant demand for fuel and indicated that profit margins are down, countering claims of profiteering amidst rising prices. The Petrol Retailers Association noted that supplier stability is being monitored, highlighting ongoing communications between industry and government.