New data has confirmed an all-time high price for diesel at UK pumps, driven upwards by the conflict in the Middle East.
The RAC’s latest analysis of forecourt fuel prices shows diesel now costs an average of 199.18p per litre, surpassing the previous record of 199.09p.
War between Russia and Ukraine triggered the previous price hike in June 2022, and recent strikes on Russian oil refineries have contributed to global reductions in oil supply.
However, the ongoing conflict in the Middle East between the United States and Iran, and the blockade of the vital Strait of Hormuz, has resulted in oil prices rising still further.
A recent attack on Saudi Arabia’s strategic east-west fuel pipeline saw crude oil exports suspended from its important Red Sea port of Yanbu until repairs could be made.
Diesel prices the highest in history
RAC head of policy Simon Williams commented: “The average price of a litre of diesel has now reached the highest level in UK history at 199.18p, in what will be a financial blow to households and businesses that use their vehicles regularly.
“The cost of filling up an average family car is now almost £110, £31 more than it was at the start of the US-Iran conflict.
“By eclipsing the previous highest price of 199.09p seen in June 2022, the diesel price has entered new uncharted territory. This spells pain not only at the pumps for drivers, but for everyone who buys goods or services that rely on diesel lorries and vans. Undoubtedly, these increased costs will be passed on to consumers.”
Petrol drivers also feel the pinch
Drivers of petrol-powered cars are also feeling the effects, as Williams notes: “Petrol prices, too, are continuing to rise. A litre of unleaded stands at 174.13p on average, 41p more than at the start of the war – taking the cost of a full tank to nearly £96”.
The increase in fuel prices means that diesel has increased by 56.8p per litre since the start of the latest Middle East conflict: a 39.9 percent jump. Petrol has risen by 31.1 percent in the same period.
“The UK might have limited leverage when it comes to ending the US-Iran war and ultimately bringing oil prices down, but the government could take steps to ease the burden on drivers by lowering fuel duty further or reducing VAT,” added Williams.
“As things stand, another 5p a litre will be loaded onto pump prices by the spring if the current fuel duty cut is fully reversed as planned.”
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