UK petrol and diesel prices fall after weeks of rises

UK petrol and diesel prices fall after weeks of rises6 minutes agoShareSaveAdd as preferred on GoogleTheo Leggett,Transport CorrespondentandJemma Crew,Business reporter Getty ImagesPetrol and diesel prices have fallen slightly for the first time since the US-Israel war with Iran, according to the RAC.It follows 46 consecutive days of rises after the effective closure of the Strait of Hormuz - a key transit route for oil and gas - dramatically pushed up wholesale prices.Pump prices in the UK began to ease on Thursday and continued on Friday, the motoring organisation said.The decline has been very small - filling a car with diesel remains about £26 higher than in late February, while a tank of petrol costs nearly £14 more.Over the past two days diesel has come down by 0.6p a litre, and petrol by 0.3p a litre. It is now just below 191p a litre for diesel, while petrol is just under 158p a litre.The RAC believes further falls can be expected, because costs on wholesale markets have remained below their recent peaks."We're hopeful there will be further reductions amounting to several pence a litre in the coming days," said Simon Williams, head of policy at the RAC."After record price rises, drivers will be relieved to finally see prices going the other way."The rises over the past six weeks took the average cost of diesel from 142p a litre up to nearly 192p, and the cost of petrol from 133p to 158p a litre.The increased cost of petrol and diesel – along with that of heating oil - has become a serious concern for people struggling to make ends meet. According to the Office for National Statistics, the proportion of people reporting the price of fuel as a reason for increased living costs had risen to 75% in March, up from 38% in February.What's happening to UK petrol and diesel prices?The fuel price increases were driven by a steep rise in the price of crude oil following the outbreak of hostilities in the Gulf.The region usually provides ab...