When UK drivers can expect cheaper petrol and diesel after oil drop

When UK drivers can expect cheaper petrol and diesel after oil dropThe Middle East ceasefire has led to hopes that price may have peaked for nowCommentsMoneySteven Smith Content Editor12:51, 08 Apr 2026View 3 ImagesHope has returned following the ceasefire(Image: richard johnson via Getty Images)Average petrol prices have reached nearly 155p a litre as it keeps going up amid the Iran war – but experts say "we’re likely close to the peak if the ceasefire holds". Though one did say "it’s still not impossible for fuel to reach £2 per litre, even with the prospect of peace".‌Petrol prices are up to 154.65p a litre on average in the UK – that's nearly 20p a litre up on the start of the conflict. This is the highest level since October 2023 and has risen more than 17 per cent since the start of the war six weeks ago.‌Diesel is now 186.75p a litre on average in the UK – the highest level since November 2022. Drivers have even reported seeing more than £2 a litre at some pumps.‌In the US, average petrol prices have jumped more than 20 per cent from $3.45 a gallon to $4.16 in just one month. Rising costs at the pump could put pressure on US President Donald Trump ahead of the mid-term elections in November.But there has finally been some positive news today with a 14-day ceasefire agreed between the US and Iran. As a result, oil prices have retreated and the markets are reacting positively. The price of Brent crude oil fell by about 13% to nearly $95 (£71) a barrel this morning.View 3 ImagesPrices have rocketed(Image: PA Archive/PA Images)‌Prem Raja, head of trading floor at Currencies 4 You, said it was worth shopping around for the best deals and we may be at the peak of prices.He added: "Petrol prices tend to lag oil, so even though crude has started to fall on the ceasefire news, drivers won’t feel it immediately. We’ve already seen oil drop sharply, but pump prices are still reflecting the earlier spike when supply through the Strait of Hor...