UK Diesel Price Hits Record High

The average UK diesel price has hit a record high of close to 2 pounds ($2.62) a litre on the fallout from the US-Iran war, government data showed Tuesday.

The average reached 199.52 pence a litre in the week to October 5, official figures showed.

That surpassed the previous record of 199.22 pence in July 2022 following the invasion of Ukraine by Russia, a key energy producer.

Having started the year at around 140 pence a litre, UK diesel has shot higher since the start of the US-Iran conflict at the end of February.

Diesel prices are also on the up as a result of export restrictions imposed by Russia after Ukrainian attacks on its fuel facilities.

Costs are jumping across the globe. The average US diesel price reached a record of almost $6.53 a US gallon (3.78 litres) in late September, according to the motorists’ association AAA.

In a bid to combat the pain felt by motorists, US President Donald Trump on Monday signed an executive order allowing drivers to use tax-exempt red-dyed diesel on public roads.

The fuel is normally reserved for farm machinery and other off-road equipment.

In a joint effort to help cool prices, G7 countries, in coordination with the International Energy Agency, agreed Friday to immediately release 100 million barrels of diesel and crude oil.

AFP