RAC head of policy Simon Williams said: “While pump prices have technically risen for a record 43 straight days, the increases have almost ground to a halt.
“The average price of petrol now stands at 158.27p, only having gone up a quarter of a penny since reaching 158.03p on Thursday. Similarly, diesel is now at an average of 191.5p, having first climbed to 191.11p on Thursday too.
“With dated Brent crude under $100 a barrel for the last three trading days, there’s now scope to see prices finally starting to go the other way.
“But, as always, it’s a highly volatile situation with much depending on what happens with the Strait of Hormuz. And, if the oil price was to go back up again this week, any hopes of slight forecourt reductions will inevitably disappear.”
Statement by President Macron, Prime Minister Meloni, Chancellor Merz, Prime Minister Starmer, Prime Minister Carney, President Dan, acting Prime Minister Frederiksen, Prime Minister Frostadóttir, Prime Minister Jetten, Prime Minister Kristersson, Prime Minister Mitsotakis, Prime Minister Sanchez, Prime Minister Støre, President Stubb, Prime Minister Takaichi, President of the European Commission von der Leyen, President of the European Council Costa:
We welcome the two-week ceasefire concluded between the United States and Iran today (Wednesday 8 April).
We thank Pakistan and all partners involved for facilitating this important agreement.
The goal must now be to negotiate a swift and lasting end to the war within the coming days. This can only be achieved through diplomatic means.
We strongly encourage quick progress towards a substantive negotiated settlement.
This will be crucial to protect the civilian population of Iran and ensure security in the region. It can avert a severe global energy crisis.
We support these diplomatic efforts. To this end, we are in close contact with the United States and other partners.
We call upon all sides to implement the ceasefire, including in Lebanon.
Our Governments will contribute to ensuring freedom of navigation in the Strait of Hormuz.
Petrol and diesel increase by record monthly amounts
Diesel goes up by 40p in a month – 18p more than the previous record set four years ago
20p monthly hike in the average price of petrol surpasses June 2022 record of 16.6p
Full tanks of petrol and diesel go up by £11 and £22 in March
The average prices of petrol and diesel both increased by record monthly amounts in March on the back of the conflict in Iran, analysis of RAC Fuel Watch data reveals.*
A litre of unleaded rose by 20p from 132.83p on 1 March to 152.83p by the end, surpassing the previous all-time biggest monthly jump of 16.6p seen at the end of June 2022 when petrol went up from 174.84p to 191.43p.
The increase in the average price of diesel was even more dramatic, going up 40p in March to 182.77p from 142.38p – almost doubling the previous record rise of 22p seen in March 2022 where the price went from 155.23p to 177.29p at the start of Russia’s invasion of Ukraine.
Despite the record rises seen in March, average fuel prices are still some way off the all-time highs of summer 2022 when petrol peaked at an average of 191.5p (3 July) and diesel at 199p a litre (25 June).
The sudden hikes have added £11 to the cost of filling a 55-litre family car, which now stands at nearly £84 (£84.06), and £22 for the diesel equivalent, with a tank topping £100 (£100.52)
RAC head of policy Simon Williams said: “March has been truly unprecedented – fuel prices have never risen this fast in a single month. But while this is the biggest pence-per-litre increase ever in a month, it’s not as great in real terms as those seen during the 1973 oil crisis when the price of a barrel quadrupled.
“The increases drivers have had to endure in March 2026 far exceed those seen in the early days of the war in Ukraine.
“While the monthly rise in a litre of petrol is bad enough, the jump in the cost of diesel is even harder to swallow at 40p a litre – 18p more than the previous monthly record. With long-term RAC research showing eight-in-10 people are dependent on their vehicles, these costs must really be taking their toll on both households as well as businesses.
“Ahead of the Easter getaway, which is expected to be the busiest on the roads since 2022 with nearly 21m leisure journeys planned, we urge drivers to fill up as usual and to use the myRAC app to find the cheapest forecourts near them.”
Joint Statement from the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the UK, the USA and the High Representative of the EU
We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, express support to our partners in the region in the face of the unjustifiable attacks by the Islamic Republic of Iran and its proxies.
We condemn in the strongest terms the regime’s reckless attacks against civilians and civilian infrastructure, including energy infrastructure, in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Jordan, and Iraq, in line with UNSC Resolution 2817.
The Iranian regime’s unjustifiable attacks against these states also threaten regional and global security. We call for the immediate and unconditional cessation of all attacks by the Iranian regime.
We reaffirm the importance of safeguarding maritime routes, and safety of navigation, including in the Strait of Hormuz and all associated critical waterways, as well as the safety and security of supply chains and the stability of energy markets. We stand ready to take necessary measures to support global supply of energy such as the stockpile release decided by International Energy Agency members on March 11.
The G7 has repeatedly stated that Iran must never obtain a nuclear weapon and that it must halt its ballistic missile program, end its destabilizing activities in the region and around the globe, and cease the appalling violence and repression against its own people.
We support the right of the countries unjustifiably attacked by Iran or by Iranian proxies to defend their territories and protect their citizens. We reaffirm our unwavering support for their security, sovereignty, and territorial integrity.
We condemn the brazen attacks in Iraq by Iran and its militias against diplomatic facilities and energy infrastructure, particularly in the Iraqi Kurdistan Region, and against U.S. and Counter ISIS Coalition forces, and the Iraqi people.
Joint statement from the leaders of the United Kingdom, France, Germany, Italy, the Netherlands, Japan, Canada, Republic of Korea, New Zealand, Denmark, Latvia, Slovenia, Estonia, Norway, Sweden, Finland, Czechia, Romania, Bahrain and Lithuania on the Strait of Hormuz:
We condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels in the Gulf, attacks on civilian infrastructure including oil and gas installations, and the de facto closure of the Strait of Hormuz by Iranian forces.
We express our deep concern about the escalating conflict. We call on Iran to cease immediately its threats, laying of mines, drone and missile attacks and other attempts to block the Strait to commercial shipping, and to comply with UN Security Council Resolution 2817.
Freedom of navigation is a fundamental principle of international law, including under the United Nations Convention on the Law of the Sea.
The effects of Iran’s actions will be felt by people in all parts of the world, especially the most vulnerable.
Consistent with UNSC Resolution 2817, we emphasise that such interference with international shipping and the disruption of global energy supply chains constitute a threat to international peace and security. In this regard, we call for an immediate comprehensive moratorium on attacks on civilian infrastructure, including oil and gas installations.
We express our readiness to contribute to appropriate efforts to ensure safe passage through the Strait. We welcome the commitment of nations who are engaging in preparatory planning.
We welcome the International Energy Agency decision to authorise a coordinated release of strategic petroleum reserves. We will take other steps to stabilise energy markets, including working with certain producing nations to increase output.
We will also work to provide support for the most affected nations, including through the United Nations and the IFIs.
Maritime security and freedom of navigation benefit all countries. We call on all states to respect international law and uphold the fundamental principles of international prosperity and security.
Following publication, Canada, Republic of Korea, New Zealand, Denmark, Latvia, Slovenia, Estonia, Norway, Sweden, Finland, Czechia, Romania, Bahrain and Lithuania confirmed they also joined this joint leaders’ statement.
