Businesses up and down the country have warned that soaring petrol and diesel prices are making them “anxious” amid fears that costs could rise even further.
Fresh data from the RAC shows that drivers are currently facing huge prices at pumps, with a litre of petrol costing 161.47p per litre, while diesel is setting motorists back 181.45p.
These figures have risen dramatically since the outbreak of war in the Middle East at the end of February, with price levels not seen since 2022 in the aftermath of the Russian invasion of Ukraine.
Despite reaching a low of 150.59p per litre a month ago, diesel prices are now at their highest level since the conflict began.
Such volatility has caused many fleets and businesses to issue a caution that the current situation may not be sustainable in the near future.
Drivers are now expected to pay an average of £100 for a full 55-litre tank for a standard family car, while van drivers will end up paying far more.
Motorists who travel more frequently and are required to drive longer distances may also be at the mercy of motorway service station forecourts, with operators massively inflating prices.
Paul Golding, CEO of FleetCheck, noted that vehicle operators were concerned about soaring costs and even the possibility of “fuel rationing”.
Fleets have warned that further price rises could dramatically impact their operations
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He also lamented the current relationship between the United States and Iran, claiming that a lasting ceasefire between the two nations seemed “unlikely”.
This has already caused oil prices to surge to around $120 (£89), which forces pump prices even higher, especially when paired with the closure of the Strait of Hormuz.
Mr Golding said: “They’re anxious that, at a time when general fleet costs are under pressure, fuel prices may start to spiral.
“The fear is that, while oil producers are looking for alternative routes to alleviate supply issues, the current situation could persist for not just months but years.”
The Strait of Hormuz is one of the most important shipping routes in the world, especially for oil exports | GETTY
The expert highlighted how fleets had few alternatives but to pay expensive petrol and diesel costs, especially as they likely already use fuel-saving techniques.
As a result, these businesses will be forced to pass their costs onto their customers and clients, or take the hit themselves.
Mr Golding continued, saying: “Based on current prices, EV fuel costs per mile if you are able to home charge are around a quarter of petrol and diesel.
“With lease rates and purchase prices for EVs looking more competitive all the time, it strengthens the argument for electrification.”
Drivers who are able to charge their EVs at home could pay as little as 2p per mile
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OCTOPUS ENERGYMost expensive petrol prices
MFG Beam, Rainham, Essex (RM13 8DP) – 222.2p
Welcome Break Membury East and West, Hungerford, West Berkshire (RG17 7TZ) – 197.9p
Welcome Break Sedgemoor, Weston-super-Mare, Somerset (BS24 0JL) – 197.9p
Kingsway Service Station, Luton, Bedfordshire (LU4 8DA) – 187.9p
Falcon Service Stations Mereside, Olton, Solihull (B92 7AW) – 186.9p
Most expensive diesel prices
Bettyhill General Merchants, Thurso, Highland (KW14 7SP) – 209p
Welcome Break Membury East and West, Hungerford, West Berkshire (RG17 7TZ) – 205.9p
Welcome Break Sedgemoor, Weston-super-Mare, Somerset (BS24 0JL) – 205.9p
Welcome Break Charnock Richard North and South, Chorley, Lancashire (PR7 5LR) – 205.9p
Welcome Break Gordano, Bristol, Somerset (BS20 7XG) – 205.9p