UK Diesel Prices Hit Record High Amid Global Supply Crunch

The price of diesel has reached a record high in the UK, surpassing its previous peak set in 2022. According to data from RAC Fuel Watch, the average cost of a litre of diesel is now at 199.18p.

This increase is attributed to several factors, including the global supply crunch caused by the Middle East conflict, which has impacted oil and refined product production and delivery. The price of wholesale oil has also surged, with a current figure above $106 per barrel, up from $72 before the war.

RAC head of policy Simon Williams warned that the UK's low storage levels and reliance on imports make it particularly vulnerable to price spikes. He stated that only a sudden and sustained drop in oil prices can prevent an average diesel pump price of over £2 per litre, which appears 'highly unlikely.'