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(Bloomberg) — Fuel prices for UK drivers hit their highest level in over 18 months after a second week of sharply rising costs in response to the conflict in the Middle East.
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Unleaded petrol was up 4.6 pence (6.1 cents) per liter to an average of 140.28 pence on Monday compared to a week earlier, the highest level since August 2024, and the largest weekly increase since the energy market turmoil in 2022, government data showed. Diesel prices were up almost 10 pence per liter to 158.78 pence, the highest since late 2023.
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The figures lay bare how an inflationary hit from the US and Israeli war with Iran is already filtering through to UK consumers. Prices on the forecourt have surged after Brent crude rocketed above $100 per barrel as Iran disrupted trade through the Strait of Hormuz and dragged more oil-producing countries into the conflict.
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UK ministers have ramped up pressure on petrol retailers and energy suppliers to show restraint on prices rises. Chancellor of the Exchequer Rachel Reeves has written to the UK’s competition watchdog to put it on “high alert for unjustifiable prices rises on petrol, diesel and heating oil.” Britain’s finance minister has also come under increasing domestic pressure to reverse plans to hike fuel duty in September.
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While economists believe the size of any inflation resurgence depends on the length of the disruption, the UK government has already announced some support for low-income families who heat their homes with oil. The bulk of British homes are shielded for now by a price cap that will see domestic energy bills fall in April and remain there for three months, before the cap is revised.
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