UK drivers urged to fill up petrol and diesel before 5pm on Thursday

For a very simple reason

On Tuesday, the US and Iran said that they have agreed to a two-week ceasefire in the war that includes the reopening of the strait.

After the announcement, global oil prices fell rapidly, as the key waterway is responsible for transporting roughly 20 per cent of the world's daily oil supply.

The strait has been blocked since the beginning of the war in late February, which caused huge spikes in petrol costs.

After US President Donald Trump announced a ceasefire if the strait was “immediately” and “completely” reopened, the price of benchmark Brent crude fell by about 13 per cent to $94.80 (£70.73) a barrel.

On the other hand, US-traded oil was more than 15 per cent lower at $95.75.

However, oil prices still remain higher than when the conflict began on February 28, in spite of the rapid decrease, as the cost was $70 a barrel.

According to experts, despite the immediate fall, it will take some time for drivers to feel the full benefit of the reopening at the pump, while many have predicted that for the prices to significantly drop will take around two weeks.

It would be best to fill up your car before Thursday at 5pm, if you haven’t done so yet, it has been revealed.

As prices often rise towards the end of the week, ensuring to restock before then will benefit your wallet.

According to William Fletcher, CEO of Car.co.uk, “prices usually rise on Thursday evening and stay elevated through Sunday. If you can plan ahead and fill up mid-week instead, you'll typically save 2-3 pence per litre, which adds up quickly over a year of driving.”

Experts at Scrap Car Comparison have echoed his statements, as they also pointed out that Friday and Saturday as the worst days to top up a tank.

“When it comes to saving money on fuel, the advice is simple: fill up early in the week. We typically see prices rise towards the weekend, with Friday and Saturday being the most expensive days due to increased leisure travel”, Scrap Car Comparison said.