Diesel prices have reached an all-time high of 199.18p per litre in the UK, according to the motoring organisation RAC. Petrol prices are also soaring, with a litre currently costing 174.13p. This rise in fuel prices is linked to the prolonged war in the Middle East that has entered its seventh month, which has disrupted the production and transportation of wholesale oil across the region, triggering a surge in the price of oil and diesel.
The Royal Automobile Club (RAC), which tracks fuel prices, said diesel prices had entered uncharted territory and served as a reminder of just how exposed the UK is to events occurring far away. The diesel cost has now escalated by 59p a litre, or just under 40%, since the conflict broke out between the U.S. and Iran in late February. The last time prices skyrocketed was in June 2022 when diesel touched 199.09p after Russia invaded Ukraine.
The RAC estimates that the cost of filling an average family car with diesel is now almost £110, £31 more than it stood at the time of the US-Iran conflict in February. Simon Williams, RAC's head of policy, said the diesel record spells pain not only at the pumps for drivers, but for everyone who buys or uses services that rely on diesel lorries and vans.
Brent crude, the global benchmark used to price petrol, diesel and other petroleum products, surged over the weekend and currently stands at $108 per barrel. Before the escalation with Iran, it was trading at $73.