PETROL News & Analysis
5 articles
Market Mood
Iran Deal Affects Oil Prices: UK Petrol at 154.72p Per Litre
On June 18, Iran and the US signed a peace deal impacting oil supply routes, particularly re-opening the Strait of Hormuz. In the UK, petrol prices averaged 154.72p per litre and diesel 174.30p, rising from 132.05p and 141.60p respectively prior to the US-Israel war. In the US, gasoline prices increased from $2.94 to $4.05 per gallon, while diesel rose from $3.81 to $5.06. As global oil prices adjust, analysts predict potential decreases in pump prices over time, but they caution about the pace of any reductions.
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Petrol Prices Rise 20% in UK, Impacting Electric Vehicle Perception
Petrol prices in the UK have reached £1.58 per litre, reflecting a 20% increase since the beginning of the year. This rise may significantly influence consumer perceptions of electric vehicles (EVs) as more affordable alternatives. Higher petrol costs could lead to increased demand for EVs, potentially benefiting manufacturers in the sector. The ongoing fluctuation in fuel prices creates a shifting landscape for automotive competition and consumer choice.
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Petrol Prices Reach 158.52p Amid Conflict Impact on Energy Market
The average price of unleaded petrol has increased to 158.52p per litre, the highest since the onset of the Iran war, according to the RAC. Prices surged following the conflict that began on February 28, impacting energy production and transport in the Middle East. The price of Brent crude oil is currently about $111 per barrel, up from approximately $73 prior to the conflict. Diesel prices also rose, now averaging 185.92p per litre, while the average price of unleaded petrol was 132.83p at the conflict's start. The RAC anticipates petrol could reach at least 160p unless oil prices dramatically drop.
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Viva (VVR) Refinery Fire Impacts 120,000 Barrels Daily Production
A fire at the Viva Energy's Corio oil refinery in Geelong has extinguished after burning for 13 hours. The refinery processes up to 120,000 barrels of oil per day, contributing to 50% of Victoria's fuel and 10% of Australia's petrol supply. Although the refinery remains partially operational, impacts on petrol production are anticipated, with diesel prices reportedly having doubled amid fuel shortages. The cause of the fire was linked to equipment failure, and an investigation is underway, with the government monitoring the situation closely.
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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.
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