Will petrol and diesel prices go up now?

Will petrol and diesel prices go up now? Just now Share Save Faarea Masud Business reporter Share Save The jump in the price of oil triggered by the conflict in the Middle East has raised the possibility of higher fuel costs for motorists. Following the attacks by the US and Israel on Iran, the price of oil leapt by 10% and gas prices also surged. The reason for the jump is that Iran has warned vessels not to pass through the Strait of Hormuz, a crucial waterway in the south of the country through which about 20% of the world's oil and gas is shipped. If these restrictions persist and oil prices remain high for some time, the worry is this will have knock-on effects on prices of a number of goods. However, there remains a huge amount of uncertainty at this stage as to whether the conflict will have a lasting effect on the price of oil, gas and wider energy costs. How quickly will rising oil prices show in fuel prices? Crude oil is a key ingredient in petrol and diesel, meaning higher oil prices could eventually drive up prices at the pumps. The AA motoring group says that over the next few weeks fuel costs could return to where they were at the start of the year. That would be a change to the general trajectory of fuel prices, which have been falling on UK forecourts over the past few weeks. Further rises will depend on the magnitude and duration of the conflict, the AA said. Currently, the average price for petrol is 132.6p a litre and 142.3p for diesel, according to AA data. Simon Williams, from rival motoring group the RAC, said: "If oil were to climb to and stay at the $80 a barrel mark, then drivers could expect to pay an average of 136p for petrol. "At $90, we'd be looking at over 140p a litre and $100 would take us nearer to 150p, but it's all too soon to know." What could the impact be on food prices? As well as affecting prices at the pump, if higher fuel costs persist they could have further knock-on effects on the prices of goods on the shelf. More expens...