Diesel in Britain sets all-time price record

The average price of diesel fuel in the UK has risen to a record £1.99 ($2.63) per litre. As a result, filling up a typical family car with a 55-litre tank now costs almost £110 ($145).

The new historic high was reported by the British motoring organization RAC. The previous record was also around £1.99 ($2.63) per litre and was set on 25 June 2022.

Since the start of the conflict between the US and Iran, diesel in Britain has risen by approximately £0.57 ($0.75) per litre, or almost 40%. Filling a 55-litre tank has become about £31 ($41) more expensive than at the end of February.

Price may exceed £2 ($2.64) per litre

A few days before the record, RAC warned that due to the tense situation with global diesel supplies, the average price could exceed the psychological mark of £2 ($2.64) per litre. On 23 September diesel averaged £1.97 ($2.60) per litre, meaning it added almost £0.02 ($0.03) in less than a week.

UK fuel prices are influenced by global oil prices, the pound-dollar exchange rate, the cost of refined diesel and the balance of supply and demand. Changes in wholesale prices usually reach UK petrol stations with a delay of around two weeks.

RAC emphasizes that the rise in diesel affects not only car owners. Trucks and vans heavily use this fuel, so increased transport costs may gradually be reflected in prices for goods and services.

Petrol has also risen sharply

Petrol has not yet approached its historical maximum, but it has also increased significantly. As of 28 September, the average cost of a litre of unleaded petrol was £1.74 ($2.30). Filling a 55-litre tank costs about £96 ($127).

According to RAC, since the end of February petrol has risen by more than £0.41 ($0.54) per litre, while diesel has risen by almost £0.57 ($0.75). Thus, it is owners of diesel cars who are currently experiencing the largest increase in fuel costs.