Fuel prices in Northern Ireland rose to averages of 134.5p per litre for petrol and 149.6p for diesel, according to Consumer Council data released on Thursday. One week prior, on 5 March, petrol averaged 126.2p and diesel 133.8p per litre.

Magherafelt in County Londonderry had the highest petrol price at 139.9p per litre on 12 March. Omagh in County Tyrone recorded the highest diesel price at 164.8p per litre on that date.

Brian Donaldson, chief executive of the Maxol Group, which operates petrol stations across Northern Ireland, stated that 20% of global oil shipments pass through the Strait of Hormuz. He reported cost prices increased by 11.38p per litre excluding VAT for petrol and 22.38p per litre excluding VAT for diesel over the past 12 days.

Donaldson confirmed no supply problems for petrol or diesel. He described the supply chain as robust with enough product to meet demand, which stabilised after an initial increase.

David Blevings of the Irish Petrol Retailers Association said Belfast and Derry terminals hold ample stocks across all fuel grades.

The Consumer Council reported no specific evidence of panic buying for petrol and diesel.

More than 50% of pump prices for petrol and diesel consists of UK government taxation.

Lorry driver Rod Quaite from Broughshane near Ballymena in County Antrim observed higher diesel prices towards Enniskillen, with the lowest at £1.64 per litre. He noted diesel rises exceed those for petrol and has not changed his driving habits.

Andrew McCracken from outside Rathfriland in County Down uses a fuel price comparison website. He finds prices vary by 10p to 15p per litre over short distances for his 10-mile each-way daily commute.

The Competition and Markets Authority intends to enhance monitoring of petrol and diesel prices across the UK.