PETROL prices have gone up 3.53p a litre in just one week in the UK and that’s expected to rise further in the coming weeks with panic buying already seen at pumps, experts warn.
The average price at the pump is now on average 135.67p a litre, up from 132.14p last week. It is at its highest since December last year, new data shows.
Diesel has jumped to 149.01p a litre, up from 142.15p last week. It is at its highest since August 2024.
As fuel prices typically follow movements in the oil market with a short delay, motorists could see more significant increases if crude remains elevated.
Even relatively small increases at the pump can quickly add to household bills, particularly for drivers who rely on their cars for commuting and everyday travel.
This follows a week of missile attacks in Iran by Israel and the US with Donald Trump sparking a Middle East war.
Experts fear the price of petrol is now expected to reach as high as 165p per litre – with £2 per litre “not out of the question” if the war continues for months.
There’s only one word for it – profiteering
Rohit Kohli, Director at Romsey-based The Mortgage Stop, said he is seeing evidence of price increases at his local pump.
He continued: “My local petrol station has put diesel up to 175.9p as of this morning. Whilst the price of oil has rocketed, the fuel being sold today was purchased and stored weeks if not months ago.
“These companies have a habit of raising prices like a falling stone whilst reductions take longer than a drifting feather. There’s only one word for it – profiteering.”
Ken James, Director at London-based Contractor Mortgage Services, said he has seen panic buying at pumps.
He added: “The bigger issue may be the reaction at the pumps. Having experienced this first-hand only yesterday sitting in long queues at petrol stations as some drivers rush to fill their tanks, fearing further increases.
“This kind of panic buying can quickly create a mini-vortex of trouble, with supply appearing tighter simply because everyone is trying to fill up at once. This sadly is giving fuel companies the perfect opportunity to capitalise on the sudden spike in demand. The UK needs to calm down and drive less, this seems like the perfect way to take the heat out of this crazy situation.”
Small habits can add up to serious savings over a month
Matas Buzelis, motoring expert at vehicle history platform carVertical, gave some tips on how to save fuel.
He advised people to drive smoothly, limit the use of air conditioning, check tyre pressures, avoid traffic jams and stop carrying unnecessary weight in order to save fuel.
He added: “When prices rise, it is rarely just one bad week at the forecourt. This is especially true when it is linked to conflicts and global events, as it is difficult to predict when it will end.
“The best defence for your finances is to squeeze more miles from every litre by driving smoothly and keeping the car in good health. Small habits can add up to serious savings over a month.”
Samuel Mather-Holgate, Managing Director & IFA at Swindon-based Mather and Murray Financial, said “£2 per litre is not out of the question”.
He added: “These are the times that electric vehicles get a boost. With the cost of electricity set to increase much less than gas, and petrol prices on the up, it could be time to switch. If the conflict in the Middle East goes on for many weeks, the supply of oil could be really tricky.
“This will push petrol prices up even further than what we have seen in the last weeks. £2 per litre is not out of the question, in fact it’s pretty likely if the war continues for months.”
This will push petrol prices up even further
Tony Redondo, Founder at Newquay-based Cosmos Currency Exchange, said in the short-term prices could spike to 165p per litre.
He added: “UK petrol prices are projected to climb toward 165p per litre after yesterday’s rise in the price of Brent crude due to Middle East tensions.
“In a worst-case scenario, Brent could reach $150 which could result in prices at the pump shattering the 191.53 per litre record set in July 2022 during the height of the energy crisis following Russia’s invasion of the Ukraine.
“This latest ‘oil shock’ threatens to add 1% to inflation, potentially forcing the Bank of England into raising UK interest rates in the coming months. Beyond the pump, rising costs will eventually filter into higher grocery prices due to increased transport and fertiliser costs.”
