Fuel prices at the pump are not declining as quickly as expected despite a recent pullback in oil prices, according to the RAC.
Brent crude has traded between $90 and $100 per barrel over the past two weeks, down from a peak near $120 last month.
However, petrol prices have dropped by just 1p per litre over the past week, while diesel has fallen by less than 2p.
Simon Williams said the pace of decline has been slower than suggested by wholesale market data.
He added that drivers could expect further reductions, with petrol potentially falling by at least 3p per litre and diesel by roughly double that in the near term. Williams noted that while retailers were forced to raise prices as oil surged—and are also dealing with rising fuel theft—pump prices should adjust downward as wholesale costs ease.
Oil prices briefly climbed above $100 a barrel after an Iranian gunboat attacked a container ship in the Strait of Hormuz, underscoring the fragility of the ceasefire announced just hours earlier by Donald Trump.
The MSC Francesca and Epaminondas were among the vessels reportedly fired upon earlier in the Strait of Hormuz before being seized by Iranian forces.
A third ship, Euphoria—understood to be UAE-owned and Panama-flagged—was also attacked about eight miles west of Iran, according to Vanguard and the United Kingdom Maritime Trade Operations.
Iran’s navy said the two vessels were subsequently taken under its control and directed towards the Iranian coast.
