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UK Diesel Prices Record Largest Monthly Drop Since 2000
Diesel prices in the UK fell more than 16 pence per litre in June, the largest monthly decline in over 25 years. The drop followed lower oil prices after a US-Iran peace deal allowed more tankers through the Strait of Hormuz.
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Diesel prices at UK forecourts fell from 183.8p to 167.1p per litre during June, a reduction of more than 16p. The decline marks the largest monthly drop recorded since 2000. Petrol prices also declined, dropping 8p per litre from 159.4p to 151.4p over the same period. The average price of petrol reached its lowest level since early April.
Oil prices fell below pre-crisis levels for the first time since the war began on 28 February. The decline followed a US-Iran peace deal that enabled additional tankers to transit the Strait of Hormuz.
Motorists paid approximately £4 billion more for fuel due to higher prices during the conflict, according to analysis. Diesel accounted for £3 billion of the increase and petrol for just over £1 billion. A motoring organization stated that current prices remain 19p higher for petrol and 25p higher for diesel than at the start of the war.
The same organization projected that petrol could fall below 150p and diesel below 160p if oil prices decline further.
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