Will petrol and diesel prices go up now?

If oil prices remain high for some time, the knock-on effects could affect the costs of fuel and food

Gas prices in Pittsburgh have increased significantly following military strikes by the U.S. and Israel on Iran. This geopolitical conflict has caused a spike in global oil prices, which directly affects gasoline costs at the pump. As of Wednesday, the average gas price in Pennsylvania rose to $3.29 per gallon, marking a 17-cent increase from the previous week. Gas stations often adjust prices based on the expected cost of their next fuel shipments, rather than their current inventory, due to their narrow profit margins.

The article discusses the surge in global oil prices following intensified conflict in the Middle East, particularly after US-Israeli airstrikes on Iran and the death of Iran's supreme leader. Oil prices jumped roughly 8% due to fears of supply disruption, especially around the Strait of Hormuz, a key chokepoint through which a fifth of the world’s oil passes. This disruption has implications for inflation, energy prices, and interest rates globally, including in the UK.

An analysis explaining why diesel prices tend to rise more rapidly than gasoline during global crises, highlighting factors like tighter supply margins and diesel's critical role in global commerce.

Reports on the significant rise in diesel prices, reaching $5 per gallon, marking the largest two-week price spike on record, attributed to disruptions caused by the ongoing conflict in Iran.

Reports on the recent increase in petrol and diesel prices in the UK, with average petrol prices rising to 141.74p per litre and diesel to 161.20p per litre, amid concerns over rising fuel costs.

Continued rise in UK diesel prices, climbing by 22% since the onset of the Iran conflict, with diesel prices reaching 173.83p per litre, and petrol prices up 15.7p since the war began.

Reports on the volatility of diesel prices in Australia, with prices rising again despite government fuel tax relief measures, and a significant number of service stations experiencing diesel shortages.