British citizens are advised to fill up their tanks before Thursday for the best pricing following the reopening of the Strait of Hormuz due to the announcement of a conditional ceasefire accord.
Following the announcement of a truce, gas prices are expected to decrease (Image: Getty Images).
Following the announcement of a two-week conditional ceasefire agreement between the United States and Iran, which calls for the reopening of the Strait of Hormuz, global oil prices plummeted.
Since the start of the conflict, the vital waterway—which carries around 20% of the world’s daily oil supply—has been shut, leading to sharp increases in the price of gasoline.
Before the weekend, drivers are advised to visit gas stations (Image: Geoffrey Swaine/Shutterstock).
Because the blockade of the Strait has prevented the transportation of oil and gas supplies from the Middle East as they normally would, the cost of energy has increased dramatically over the course of the conflict.
It may take some time for drivers to fully gain from the reopening at the pump, experts have cautioned, despite the rapid decline. Many believe that prices won’t dramatically decline for another two weeks.
The price of benchmark Brent crude dropped by around 13% to $94.80 (£70.73) per barrel after Donald Trump declared a truce if the strait was “immediately” and “totally” reopened, while US-traded oil was more than 15% down at $95.75.
Oil prices are still higher than they were on February 28, the day the conflict started, despite the sharp decline. At that time, each barrel cost about $70.
However, it would be ideal to fill up your car before Thursday at 5 p.m. if you haven’t already.
Restocking before the end of the week will save you money because prices tend to increase at that time.
William Fletcher, CEO of Car.co.uk, stated that prices typically increase on Thursday night and remain high until Sunday. You’ll usually save 2-3 pence per litre if you can plan ahead and fill up in the middle of the week, which adds up quickly over the course of a year of driving.
Experts at Scrap Car Comparison also note that Friday and Saturday are the worst days to fill up a tank, so William is not the only one to stress the need of avoiding the end of the week.
“The advice is simple: fill up early in the week to save money on petrol,” stated Scrap Car Comparison. Due to increased leisure travel, costs usually increase as the weekend approaches, with Friday and Saturday being the most costly days.
One of the main causes of price increases in the lead-up to weekends is increased leisure travel, which retailers typically hope to capitalise on. D
Despite this, fuel prices are typically considerably more influenced by things like local competition and worldwide oil prices.
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