UK Gas Prices Hit Highest Since 2024

Gotrade News - Average gas prices in the UK have surged past 150p per liter, marking the highest level since May 2024. This increase, amid tensions with Iran, adds a financial burden for drivers ahead of the Easter holidays.

• The rise in fuel prices affects holiday travel costs.
• Brent crude oil prices remain high, above $110 per barrel.
• UK government bond yields are up due to geopolitical tensions.

Average diesel prices are nearing 180p per liter, highlighting the ongoing impact of the Middle East crisis. The RAC advises drivers to plan their journeys more carefully and seek the best fuel prices.

The delay of Trump's strike on Iran failed to calm the oil markets. Brent rose by 2.5%, which might keep pump prices elevated in the near term.

The fallout from the Iran crisis has also raised the UK government's borrowing costs. Yields on 10-year bonds have exceeded 5%, heightening fiscal challenges for the government.

Chancellor Rachel Reeves faces pressure to cut fuel taxes, which might help curb inflation. However, the government is leaning towards blaming unfair pricing practices by fuel retailers.

Bond yields are rising alongside higher inflation expectations, reflecting market skepticism over current government measures. Reducing fuel taxes is seen as a potential way to alleviate these concerns.

Reference:

• Bloomberg, Iran Routes Grain Imports to Gulf of Oman With Hormuz Locked Up. Accessed on March 27, 2026
• CNBC, Oil Price WTI Brent Crude Trump Strait Hormuz Tensions Iran Ships. Accessed on March 27, 2026
• CNBC, Trump Iran War Oil Energy Pause. Accessed on March 27, 2026

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