UK Diesel Price Hits Record £1.995 Per Litre Amid Global Energy Turmoil

The average price of diesel in the United Kingdom has climbed to a record high of nearly £2 per litre, driven by disruptions in global energy markets linked to the US-Iran conflict and restrictions on Russian fuel exports. Official government data released on Tuesday showed that the average UK diesel price reached 199.52 pence per litre in the week ending October 5. The latest figure surpassed the previous record of 199.22 pence per litre recorded in July 2022, following Russia’s invasion of Ukraine. UK diesel prices, which stood at about 140 pence per litre at the beginning of the year, have risen sharply since the US-Iran conflict began in late February. Prices have also been pushed higher by Russian restrictions on fuel exports introduced after Ukrainian attacks on the country’s fuel infrastructure. The surge in diesel costs has been felt globally. In the United States, the average diesel price rose to nearly $6.53 per gallon in late September, according to the American Automobile Association. In an effort to ease pressure on motorists, US President Donald Trump on Monday signed an executive order permitting the use of tax-exempt red-dyed diesel on public roads. The fuel is ordinarily reserved for agricultural machinery and other off-road equipment.
Source: Channels