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UK Petrol at 152.9p, Diesel at 170.5p as Oil Falls Below $73
Average UK pump prices remain above pre-conflict levels even as Brent crude dropped to $72.24 a barrel. The AA said the gap is about 20p for petrol and 28p for diesel.
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Average prices at UK forecourts stand at 152.9p per litre for petrol and 170.5p for diesel, the AA said. Those figures sit below the April 16 peaks of 159.7p and 192.4p but remain roughly 20p and 28p higher than before the Iran conflict began on February 28.
Oil prices have returned to levels last seen before the conflict. Brent crude fell to $72.24 a barrel on Thursday, below the $72.48 close recorded on the eve of strikes in late February.
More tankers are moving through the Strait of Hormuz after the US-Iran peace deal. Shipping data show vessel traffic doubled in the past 24 hours, reaching the highest level since late February. The AA said the usual lag between lower oil prices and lower pump prices is about ten days.
Its president stated that drivers have seen rapid drops but that prices still have “some way to go” before returning to pre-war levels. Traders are betting that higher crude supply will outweigh remaining geopolitical risks. Hopes for a lasting agreement between Washington and Tehran have supported market sentiment.
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