● Covered by 1 source · 1 reportLow impact1 negative
UK Petrol Prices Nearing Year-High Amid Geopolitical Tensions; NatWest Profits Surge
Key points
- UK petrol prices rose to 159.5p per litre.
- The increase follows renewed US actions against Iran.
- NatWest Group's pre-tax profit jumped 29% to £2.3bn.
- NatWest increased its banker bonus pool by 10% to £296m.
Rising UK Petrol Prices
UK petrol prices are expected to reach their highest level this year, with average prices hitting 159.5p per litre. This increase, which saw prices rise over 3p this week, is attributed to renewed US actions against Iran. The previous peak for the year was 159.7p per litre at the end of May, and the all-time high was 159.9p per litre on November 31, 2022.
Diesel prices currently stand at 178.2p, which is below the year's high of 192.4p in mid-April. The AA, a motoring services company, anticipates 20.5 million UK drivers will be on the road during the third week of the holiday season, indicating widespread impact from these price changes.
Impact of Fuel Finder Service
Luke Bosdet, AA spokesperson on pump prices, noted that fuel prices have been more closely tracking wholesale prices since May. This change coincides with the government's introduction of a new "Fuel Finder" service, which mandates public price reporting from all petrol stations. This service appears to have influenced pricing behavior, as pump prices followed wholesale cost drops rapidly, unlike previous "rocket and feather" pricing patterns.
NatWest Group's Profit Surge
In a separate development, NatWest Group reported a significant increase in its financial performance. The high street lender's pre-tax profit surged by 29% to £2.3 billion between April and June, compared to the same period last year. This growth was driven by an increase in customer deposits, higher mortgage lending, and improved economic conditions that reduced the likelihood of loan defaults.
Increased Banker Bonuses
The strong quarterly profits enabled NatWest to allocate more funds to its year-end bonus pool for bankers. The bonus pool now stands at £296 million, marking a 10% increase from the previous year. This suggests that NatWest management may offer more generous bonuses to high-performing bankers.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
UK petrol prices are projected to reach their highest point this year, with average prices rising to 159.5p per litre, following renewed US actions against Iran. This increase adds financial pressure on households and is being monitored by the AA for its impact on consumer spending and fuel station pricing behavior. Separately, NatWest Group reported a 29% surge in quarterly profits, leading to an increased bonus pool for bankers.