"The Iran and US situation has gotten worse over the past couple of weeks, and this is seen to have bumped up our fuel prices, which could reach as high as £165p per litre in the future. Understandably, this is worrying news for a lot of drivers. Even though we've only seen initial price rises, 70 per cent have said they've already been affected by the new increased costs."
"With various Government laws and changes over recent years, drivers have suffered a number of financial setbacks - this is just the latest. As a result, it's causing millions of drivers to panic buy. But, before making any drastic decisions, I urge drivers not to do this. Prices are still below the record highs seen during the 2022 fuel prices."
Rising fuel prices in the UK, attributed to the Iran-US conflict, have reached nearly £1.40 per litre for petrol and over £1.55 for diesel. This surge is prompting significant behavioral changes among drivers: 29% plan to use their cars less, 27% intend to reduce mileage, and 17% are adopting fuel-conserving driving habits. Concerning trends include 14% of drivers cutting back on essential expenses like food and entertainment. Panic buying has created queues of up to 90 cars at petrol stations, causing local shortages. The Labour Government's planned fuel duty increase starting September 2026 will add further pressure. Motoring experts advise against panic buying, noting current prices remain below 2022 record highs.
Read at London Business News | Londonlovesbusiness.com
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