Petrol prices across the UK have reached record highs since the onset of the conflict in Iran, with the average price per litre rising sharply over the past three months. As of Tuesday, the typical cost of petrol stood at 159.43 pence per litre, an increase of 26.6 pence compared to late February before the war began. This translates into a £14.63 rise in the cost of filling a standard 55-litre family car petrol tank, now amounting to £87.69—a 20 percent increase.

Diesel prices have surged even more steeply, with the current price per litre at 185.5 pence. Filling a 55-litre diesel tank now costs drivers approximately £102.02. In contrast to the rising pump prices, wholesale petrol prices have recently started to decline, prompting consumer advocates to express hope that this trend will soon be reflected at the retail level. Nevertheless, some fuel companies have faced criticism for their pricing strategies, with allegations that they increased prices swiftly following the conflict but have been slow to reduce them in response to falling wholesale costs.

Meanwhile, the heating oil market presents a different but related picture. Heating oil, which operates under a distinct pricing mechanism and is not derived from the same oil grades used for vehicle fuel, remains elevated at about 90 pence per litre despite a recent downward trend. The price of heating oil had spiked sharply in early March, rising from roughly 60 pence per litre in mid-February to 134 pence at the start of March—a rise exceeding 120 percent in just over a week. This volatility created challenges for homeowners seeking fixed-price contracts for refilling their oil tanks, with some unable to secure a set price until the actual day of delivery.

Since that peak, heating oil prices have gradually decreased, beginning in early April and continuing to ease in recent weeks. Still, heating oil remains roughly 50 percent above its pre-war level, reflecting ongoing market instability amid geopolitical tensions linked to the conflict in Iran. Industry observers continue to monitor these price fluctuations closely, noting their impact on household budgets and fuel suppliers alike.