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UK diesel price hits record high

The average price of diesel in the United Kingdom has reached a record high of 199.52 pence per litre, driven by disruptions to global fuel supplies and rising energy costs.

Official government figures showed that the price in the week ending October 5 surpassed the previous record of 199.22 pence per litre recorded in July 2022 after Russia invaded Ukraine.

UK diesel prices have risen significantly from about 140 pence per litre at the beginning of the year.

The increase has been linked to the US-Iran conflict, which began at the end of February, as well as restrictions on Russian fuel exports following attacks on the country’s fuel facilities.

The pressure on diesel prices is not limited to the UK. In the United States, the average diesel price reached nearly $6.53 per gallon in late September, according to the American Automobile Association.

To reduce the impact of high fuel costs on motorists, US President Donald Trump signed an order allowing drivers to use tax-exempt red diesel on public roads. The fuel is normally used by farm machinery and other off-road equipment.

Meanwhile, the Group of Seven countries, in coordination with the International Energy Agency, agreed to release 100 million barrels of crude oil and diesel from strategic reserves.

The move is aimed at increasing supplies and easing pressure on fuel markets as global energy disruptions continue.