Money-saving expert Martin Lewis said oil is priced globally, so countries that depend on the Middle East must buy elsewhere, raising demand for the same or less supply and pushing prices up everywhere, even though the UK relies little on Middle East energy directly. Since US and Israeli strikes on Iran began, UK diesel has hit an all-time high of 200.1p per litre and is up 9% in the past month, while petrol has risen 8% to 174.8p, with diesel up more than 40% and petrol almost 34% since the conflict started. Lewis noted that just under half of the pump price is tax, and fuel duty is predicted to rise in January and March, though any change in the Chancellor's upcoming Budget is a political decision. He said that if the Middle East conflict de-escalates, prices will start to fall, but if it does not, they will probably stay high.
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Original headline: Martin Lewis exposes real reason petrol and diesel prices go up
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