What is happening to UK petrol and diesel prices now that the US and Iran have a deal?

The RAC now costs £83.59 to fill up a 55-litre family car with petrol and £92.75 with diesel, but this is still £10.50 and £14.40 higher than at the end of February, before the crash.

Simon Williams, head of policy at the RAC, said: “Fuel prices are steadily falling following the reduction in oil and bulk petrol and diesel prices, which is good news for motorists who have had a tough time at the pump this year.

But our analysis of mass data shows that the reduction should be faster and greater, especially for diesel. Motorists should actually see average prices below 150p and below 160p for diesel over the next week or so.

Despite the conflict, petrol will hit 191.5p a liter and diesel 199p, below levels reached in the summer of 2022 after Russia began its invasion of Ukraine.

Since oil shipping is a slow process, it takes about a week for price movements in the wholesale markets to show up at the pump.

During the conflict, fuel retailers denied the allegations of price gouging. The official market watchdog said it saw “no evidence that retailers are actively changing their pricing strategies to take advantage of the crisis.”

A A government plan called oil exploration, External It allows motorists to compare fuel prices at petrol stations across the UK.

Luc Bosdet, the AA’s head of policy, said the group was surprised by the price drop and the speed at which the plan was put forward.

In the year Prime Minister Sir Keir Starmer said on May 20 A planned 5p increase in fuel duty in September will be postponed Due to the conflict until December 31.