Record Diesel Prices
UK Diesel Prices Hit Record High Amid Global Supply Squeeze and Conflict
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UK diesel prices have reached a record 199.18 pence per litre, narrowly surpassing the previous high set in June 2022, while petrol averages 174.13p. Diesel has risen about 56.8p per litre since the US-Iran conflict began, and filling an average family car now costs roughly £31 more. The conflict’s disruption to oil production and shipping, including restricted traffic through the Strait of Hormuz, is tightening supplies; falling Russian diesel exports after attacks on refineries and an export ban have added pressure. Because the UK relies heavily on imported diesel and global refining capacity is constrained, the supply squeeze is driving up wholesale costs. The RAC warns that higher fuel and transport costs will burden households and businesses and may feed into prices for goods and services.
Key Points
1
The RAC says diesel prices rose by 15p per litre in September alone. Meanwhile, wholesale oil was above $106 a barrel, compared with about $72 before the conflict.
2
The United States was considering restricting diesel exports to protect its own stocks; it supplies around a third of UK diesel imports since Russian supplies were lost.
3
Diesel is harder to refine than petrol and is widely used in haulage and agriculture, making it difficult to reduce demand when supplies tighten.
4
RAC policy head Simon Williams said the UK government could ease the pressure on drivers by cutting fuel duty further or reducing VAT.
5
The RAC’s price figure is an average compiled from diesel prices at supermarkets, motorway service stations and independent retailers.
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