As diesel prices surge to record levels and concerns grow over fuel availability, drivers are being urged to fill their tanks before Thursday morning. Specialists at Carowl have noted that fuel prices often reach a “mid-week dip,” typically being lower on Wednesdays. They specifically advise motorists to “fill up by Wednesday at the latest” to take advantage of this trend.
The UK currently holds just 42 days' worth of diesel in reserve, one of the lowest levels globally and second only to Australia, which maintains 31 days. Prior to the conflict affecting global oil markets, petrol prices averaged 132.83p per litre, with diesel at 142.38p. Diesel prices have now escalated to 199.33p per litre, marking an all-time high.
Simon Williams, head of policy at the RAC, explained that pump prices are unlikely to fall until there is a “sustained lower oil price-over several weeks, not days.” While the UK government has limited influence over international tensions, such as the US-Iran conflict, Williams suggested that measures like lowering fuel duty or reducing VAT could alleviate some of the financial strain on consumers.
READ MORE: NHS confirms shortages of several common drugs across trusts in England
READ MORE: Wolverhampton man receives community order for Halloween machete possession
Chancellor John Healey has indicated that the government aims to address the rising fuel costs during the upcoming Budget at the end of October.
Alicia Hempsted, Van Insurance Expert at MoneySuperMarket, highlighted the significant impact soaring fuel costs could have on businesses. “Van drivers are currently facing a combination of rising fuel prices and increased mileage, both contributing to higher running costs,” she said. “For many tradespeople and small business owners, this directly affects profitability, making expense management more critical than ever.”
Hempsted also recommended the use of tools like fuel cost calculators to help drivers understand how fluctuations in fuel prices affect overall expenditure. “Even slight price differences between local petrol stations can add up over time. Comparing fuel prices before refuelling is a simple yet effective method to reduce costs,” she added.