British drivers are being warned of rising fuel prices in the coming weeks in response to global tensions which could force up costs at the pump.
Experts have warned that motorists could be hit with higher prices after a number of major oil companies paused shipments of oil through the Red Sea after a number of high-profile attacks.
The global price of Brent crude oil has already risen by almost $5 (£4) in the last five days in response to global tensions.
Houthi rebels in Yemen have increased their attacks in recent weeks on major shipping vessels, with companies like BP pausing operations in the Red Sea.
Experts are warning that fuel prices could rise in the new year
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This could have a large knock-on effect for drivers across the UK with the price of fuel rising at the pumps.
Edmund King, president of the AA, suggested that motorists would see fuel prices jump by as much as 3p per litre in the new year, according to the Telegraph.
Similarly, Philip Shaw, chief economist at Investec, said: “You would expect the increase in oil prices to go through to the pumps over the next week or two.”
It is estimated that ships crossing through the Red Sea account for around one-tenth of global trade.
A statement from BP said: “In light of the deteriorating security situation for shipping in the Red Sea, BP has decided to temporarily pause all transits through the Red Sea.
“We will keep this precautionary pause under ongoing review, subject to circumstances as they evolve in the region.”
While petrol and diesel prices are unlikely to increase immediately, motorists could see an uptick in costs in the coming weeks.
This comes as experts have called on major retailers and supermarkets to ensure that drivers are being charged a fair price for their fuel.
US Defence Secretary Lloyd Austin said the UK, along with a number of other countries, would be part of a Washington-led alliance to ensure vessels can pass through the area safely.
The Royal Navy’s HMS Diamond is understood to have been deployed to the Middle East last month and is believed to be part of the patrols in the Red Sea.
This follows an announcement from the RAC that petrol prices had fallen to their lowest level in more than two years.
The current data from RAC Fuel Watch shows that drivers will pay 142.16p per litre for petrol, although diesel prices are still more expensive at 150.69p.
Petrol prices have not fallen below the current rate since the end of October 2021, with drivers at the pumps saving an average of 10p per litre compared to December last year.
Drivers can save a further 4p per litre by visiting supermarkets which have historically been cheaper than other major retailers.
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Houthi fighter stands on the Galaxy Leader cargo ship in the Red Sea
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Unsurprisingly, the average price of fuel at motorway service stations remains between 20p to 25p more expensive than the UK average.
