""The surge in petrol prices, which has risen by more than 17 percent since the conflict began, is largely driven by disruptions to global supply routes, particularly through the Strait of Hormuz, a critical chokepoint for international oil shipments.""
""Despite the positive signals from the ceasefire, industry experts have cautioned that relief at the pumps is unlikely to arrive quickly, as petrol prices typically lag behind movements in crude oil.""
Petrol prices in the UK have reached an average of 154.65p per litre, the highest since October 2023, with diesel averaging 186.75p per litre. This increase of nearly 20p is attributed to disruptions in global supply routes, particularly through the Strait of Hormuz. In the US, petrol prices have also risen significantly. A recent ceasefire between Washington and Tehran led to a drop in Brent crude prices, but experts warn that relief at the pumps will take time due to the lag in price adjustments.
Read at Business Matters
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