Elasticity

UK petrol and diesel prices fall after weeks of rises

UK pump prices for petrol and diesel have dipped slightly after weeks of increases driven by Gulf tensions and the effective closure of the Strait of Hormuz, which had pushed crude oil from about $70 to a peak of just over $119 a barrel. With a temporary ceasefire, Brent has fallen back below $100, and the RAC expects further modest reductions; current averages are roughly 158p/litre for petrol and 191p/litre for diesel.