Petrol prices could rise to 150p a litre as cost for drivers hits highest price since April
DRIVERS are paying the highest prices at the petrol pump since April with experts warning costs could rise to 150p a litre.
Petrol costs 134.24p a litre on average, up from 134.09p a litre last week, new Government data shows.
This is the highest price since April 21st when it was 134.26p a litre.
Diesel prices have also risen to 142.00p a litre, up from 141.85p a litre last week.
It's the highest price since April 7th when diesel was 142.54p a litre.
Tensions in the Middle East and war between Iran and Israel saw oil prices spike in June, leading to a knock-on effect of petrol price rises in the UK, experts claimed.
And experts have now warned prices could rocket further - up to 150p a litre. And they urged drivers to fill up their tanks now before costs escalate further.
John Woolfitt, Director at Atlantic Capital Markets, said: “The petrol firms are always quick to shift prices higher on the signs of any lift in the global oil price, but never seem to drop it quite as quick when prices recede.
"That being said there are several factors impacting prices, mostly coming from pressure in the global oil market, fuelled by ongoing tension in the Middle East. Particularly the Israel–Iran conflict, and If escalation continues or the Strait of Hormuz is threatened, analysts warn prices could spike toward £1.50 per litre, especially if crude reaches $100/barrel.
"Pump prices reflect wholesale oil and fuel refining costs, plus distribution margins and a weaker Pound against the Dollar means imported fuel costs more, even without rising oil prices which also adds to the pressure.”
Tony Redondo, Founder at Cosmos Currency Exchange, urged drivers to buy their petrol now before costs rise further.
He said: “Petrol prices could rise to 140–150p per litre if oil prices or geopolitical tensions escalate, though stabilisation around current levels is possible if supply remains high.
"Filling up now may be prudent for heavy drivers, given the upward trend, but savings depend on consumption and local price variations. Rising costs are driven by oil price volatility, exchange rates, retailer margins, and taxes, with potential profiteering by retailers warranting scrutiny.”
Pete Mugleston, Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk, said 140p a litre could be coming in just weeks.
He said: “Petrol prices have been creeping up due to a combination of rising global oil prices and a weakening pound, which makes importing fuel more expensive.
"Wholesale costs spiked in June following supply concerns linked to tensions in the Middle East. If current trends continue, we could see prices edge closer to 140p per litre in the coming weeks. For motorists, it may be worth filling up sooner rather than later.”
