The RAC has warned that fuel prices are set to go up by at least 2p a litre in the next fortnight – and an escalation of tensions in the Middle East would lead to “far greater increases”.
Oil prices are already going up because of a cut in OPEC production, said fuel spokesman Simon Williams.
The cooling of the 17-month US trade war with China has also led to increased demand, adding pressure to prices.
“It looks like at least 2p a litre will be added to the price of both petrol and diesel in the next two weeks,” he said.
This is on top of a 1p a litre rise at the start of January, caused by an annual EU renewable fuel obligation increase.
But it was the risk of further conflict between Washington and Tehran that Williams is particularly worried about.
“If the current situation in the Middle East was to escalate… drivers could be looking at far greater increases at UK forecourts.” This would be due to traders concerned about supply.
The average price of a litre of unleaded in the UK is 127.09p, and a litre of diesel is currently 131.65p.