UK fuel prices have been on a dramatic journey over the past five years — from pandemic lows below 100p/litre to record highs above 190p, and back to the current level of 140.3p. Here's what happened and why.
When COVID-19 lockdowns began in March 2020, global oil demand collapsed almost overnight. Brent crude fell below $20 a barrel — its lowest level in decades. UK petrol prices dropped below 100p per litre for the first time in years, briefly touching 97p in some areas.
As economies reopened, demand for oil surged faster than supply could recover. Petrol prices climbed steadily through 2021, finishing the year at around 145p/litre — already high by historical standards, and a sign of the inflationary pressures building in global energy markets.
Russia's invasion of Ukraine in February 2022 sent global energy markets into shock. Brent crude surged above $130 a barrel. UK petrol prices hit an all-time record of 191.53p/litre in July 2022, with diesel peaking even higher at 199p/litre. The government froze fuel duty and introduced a 5p cut in March 2022 in response.
Oil prices gradually fell back through 2023 as recession fears dampened demand. UK petrol dropped into the 130-145p range through most of 2023 and 2024, though diesel remained stubbornly higher due to global supply constraints for middle distillates.
Petrol currently sits at 140.3p/litre nationally, with diesel at 148.2p. Prices have risen in early 2026 amid renewed geopolitical tensions affecting Strait of Hormuz shipping routes and continued OPEC+ supply management.
| Year | Average p/litre | Key event |
|---|---|---|
| 2020 | 109p | COVID demand collapse |
| 2021 | 131p | Post-COVID recovery |
| 2022 | 168p | Ukraine war, record highs |
| 2023 | 148p | Easing oil prices |
| 2024 | 140p | Continued decline |
| 2025 | 135p | Subdued demand |
| 2026 (now) | 140.3p | Current live average |
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