Petrol and diesel are now moving in different directions
PetrolPrices data shows a clear split emerging between petrol and diesel pricing trends. Since 9 May, every single day has seen more unleaded price increases than decreases across UK forecourts.
Diesel has shown the opposite trend. Since 4 May, every day has recorded more diesel price cuts than increases. As a result, the average gap between petrol and diesel prices has narrowed from around 30ppl earlier this month to 25ppl nationally.
Petrol prices have continued to rise alongside higher crude oil costs, while diesel prices have benefited from improving supply conditions after reaching extremely elevated levels earlier this year.
UK drivers are seeing petrol prices climb to their highest level in more than two years as instability in the Middle East continues to unsettle global oil markets.
According to our (PetrolPrices) data, the average price of unleaded has risen to 157.9ppl, up from 155.8ppl at the start of May and now at its highest point since November 2022.
Diesel prices, however, have moved in the opposite direction. The national average has fallen from 185.7ppl to 182.7ppl over the same period, although diesel remains historically expensive and significantly higher than petrol.
Diesel remains expensive despite recent falls
Despite diesel prices easing slightly, wholesale supply pressures remain significant.
European diesel inventories in the Amsterdam-Rotterdam-Antwerp (ARA) trading hub remain near multi-year lows, while US diesel stockpiles have hovered close to two-decade lows throughout May as refiners prioritise jet fuel production where margins are currently stronger.
That ongoing pressure helps explain why diesel still sits significantly above unleaded prices across the UK.
At current averages:
- Filling a typical 55-litre petrol car costs around £86.85
- Filling the same size diesel vehicle costs approximately £100.49
Could drivers see some relief?
There are early signs that the recent upward pressure on petrol prices may begin to ease.
The gap between wholesale and retail unleaded prices has now returned to around its six-month average, while diesel margins are sitting only slightly above normal levels. That could lead to a more stable period for pump prices over the coming week, with further diesel reductions still possible.
However, the market remains highly sensitive to developments in the Middle East.
Daily swings in sentiment around potential peace negotiations between the US and Iran continue to drive movements in oil prices and those fluctuations are likely to remain the biggest factor influencing what drivers pay at the pumps in the weeks ahead.
The price of oil has been dropping for over a week now, doesn’t matter though, forecourt prices are still rising!
Cashing in on it while they can. UK is the worst for ripping it citizens off with the worst government cabinet on history.
Ripoff the British as usual, VAT, the moor the cost of fuel goes up before VAT, the moor VAT goes up. The government could reduce this VAT, but no, Ripoff the British & give it to the criminals coming to the UK in boats in there thousands.