UK diesel price hits record high, nears £2 a litre

Diesel prices in the United Kingdom have reached a record high, approaching £2 a litre and increasing pressure on motorists and businesses.

The average price of diesel has risen to 199.18p per litre, surpassing the previous record of 199.09p set in June 2022, according to the RAC.

At the latest average price, filling a typical 55-litre family car with diesel costs about £109.55, nearly £110.

Diesel has risen sharply in recent months amid disruption to global oil and refined-fuel supplies. RAC figures show the average price has climbed from 142.38p per litre on February 28 to 199.18p, an increase of 56.8p.

Petrol prices have also increased significantly, with the average price of unleaded reaching 174.13p per litre. Filling a 55-litre petrol car now costs around £96.

The rise in pump prices has been linked to tighter global fuel supplies and disruption caused by conflicts in the Middle East and Ukraine. Diesel markets have been particularly affected by reduced supplies from major producing regions.

The United Kingdom is particularly exposed to fluctuations in international diesel markets because domestic refineries do not produce enough diesel to meet national demand.

RAC head of policy Simon Williams said the record diesel price would affect not only motorists but also businesses operating diesel-powered vans and lorries, potentially increasing the cost of transporting goods.

The previous UK diesel record was set in June 2022 following severe disruption to global energy markets after Russia’s invasion of Ukraine. The latest increase means motorists are now paying more for diesel than during the peak of that fuel-price crisis.