UK Petrol Prices Could Hit 150p per Litre - What It Means for Vehicle Leasing
UK drivers are facing rising fuel costs, with petrol potentially reaching 150p per litre, according to the RAC. Average petrol prices currently sit at 137.5p per litre, while diesel averages 151p, with recent global events driving rapid increases.
Since 28th February, petrol has risen by 5p and diesel by 9p per litre, following tensions in Iran and ongoing market volatility linked to oil prices. Diesel, in particular, is seeing its fastest price increase since the start of the Ukraine conflict.
Simon Williams, head of policy at the RAC, warned:
“Average petrol and diesel prices have rocketed in the last week and are unfortunately likely to keep on rising… With oil at a sustained $100, petrol could rise towards 150p a litre, while diesel could reach almost 180p - a three-year high.”
Implications for Customers
For businesses and individuals who lease vehicles, these increases could have a direct impact on running costs:
- Fuel Budgets: Companies may see higher monthly operational costs, particularly if fleets rely heavily on petrol or diesel vehicles.
- Total Cost of Ownership: Rising fuel prices could shift interest toward more fuel-efficient vehicles, hybrids, or EVs.
- Driver Behaviour: Encouraging fuel-efficient driving practices, such as smooth acceleration and regular tyre maintenance, can help mitigate rising costs.
The RAC advises drivers to shop around for the best fuel prices using apps like myRAC, as local forecourt prices can vary significantly. Lobby groups, such as FairFuelUK, are calling for an extension to the Fuel Duty Freeze, currently set to end in September, to help ease the financial pressure on drivers.
For fleet managers and leaseholders, now may be a good time to review fuel strategies, consider alternative powertrains, and explore ways to reduce consumption. Staying informed and proactive can help businesses and individuals navigate these rising costs more effectively.