UK Diesel Price Hits All-Time High

The UK diesel price has hit an all-time high of 199. 18p per litre, according to the RAC, as fuel prices continue to soar due to the ongoing conflict in the Middle East.

The war with Iran has caused disruptions to oil production and transportation, leading to a surge in wholesale oil prices and subsequently fuel costs.

The previous record was 199. 09p in June 2022, and the increase is now over 40% since the conflict began at the end of February.

Diesel prices have risen by 59p per litre, with petrol prices also increasing by 41p per litre, making filling an average family car with diesel £110 more expensive than at the start of the conflict.

The UK is heavily reliant on imports and has seen a significant drop in diesel vehicles on UK roads since the conflict began, with 15. 1 million diesel vehicles currently on the road compared to 15. 7 million a year before.

Diesel is harder to refine than gasoline and, because it is used by the haulage industry and in agriculture, it is very difficult to reduce demand.

The UK is heavily reliant on imports. Although the four refineries in the UK make more than enough petrol to meet demand, they do not make enough diesel for the country's needs.

There were 15. 1 million diesel vehicles on UK roads at the end of June, according to the Department for Transport. That is a drop from 15.

The price of Brent crude, a benchmark for global oil used to make petrol, diesel and other fuel products, rose over the weekend and is now hovering at around $108 per barrel.

Supplies of diesel internationally have been heavily constrained by the conflict in the Middle East, which has restricted the flow of both crude oil and refined diesel onto global markets.

The UK is also facing a significant shortage of fuel due to the ongoing conflict in Iraq and Syria, which has disrupted the production and transportation of oil and gas.

There are concerns that the conflict could lead to further disruptions to global fuel supplies, which could have a ripple effect on the economy.

The RAC data is based on the average price of diesel at a range of supermarkets, motorway service stations and independent