UK petrol prices accelerate to highest level since start of Iran war

The price of petrol has hit a new high at forecourts, adding to the financial pressure on millions of households.

The RAC said that in “very unwelcome news for drivers” the average pump price had reached 160p a litre, reversing the fall to 151p in early July that followed the announcement of a ceasefire.

The current price is the highest level since November 2022, when it soared following Russia’s invasion of Ukraine.

Diesel is up 14.5p to 179p but the price remains below the high of 192p in April, the RAC said.

“This means the cost of filling a family-size car with unleaded has gone up to £88, while a tank of diesel is £10 more,” said the RAC’s Simon Williams.

“The wholesale price of petrol eased very slightly this week but is not enough to make a difference at the pumps.

“Diesel looks set to keep on rising and is likely to reach 185p a litre in the next few weeks, barring any major oil price reduction.”