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UK diesel hits record high as global fuel costs climb

financeSep 28, 202622289

Diesel has reached a record 199.18p per litre in the UK, the motoring organisation RAC says, topping the previous peak of 199.09p in June 2022. Petrol is also rising, averaging 174.13p per litre. RAC and BBC report the spike follows the war in the Middle East disrupting oil production and transport, with Brent crude trading around $108 a barrel after sitting near $73 before the US-Iran conflict. Diesel is 59p per litre higher, just under a 40 percent increase, since the conflict began at the end of February, making the cost to fill an average family car about £110, £31 more than before the conflict. The UK relies heavily on diesel imports because domestic refineries produce enough petrol but not enough diesel, and Russia has imposed a diesel export ban that further tightens supply. Simon Williams, RAC head of policy, warned the diesel record will push up costs for goods and services and said pump prices will not fall until oil prices stay lower for several weeks. Major airlines and analysts have warned that high airfares could persist even if jet fuel prices ease, because fluctuating fuel costs and airline pricing decisions can keep fares elevated.

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