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[BUSINESS] · United Kingdom, United States, Iran, Russia, Israel · 40 sources

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UK diesel prices hit record high amid global supply tensions

Diesel prices in the United Kingdom have reached a historic high, with the national average hitting 199.18p per litre. This surge, which surpasses the previous record set in June 2022, is attributed to supply disruptions caused by the conflict between the US, Israel, and Iran, as well as the war in Ukraine. The RAC reports that filling an average family car with diesel now costs approximately £110, a £31 increase since the start of the US-Iran conflict.

In response to dwindling diesel reserves, which have fallen to roughly 42 days of cover, the UK government is reviewing its National Emergency Plan for Fuel. Contingency measures under the Energy Act 1976 include prioritizing emergency services and public transport for fuel access and potentially reducing the national speed limit to 50 mph to conserve supplies.

Adding to the volatility, US President Donald Trump has threatened to ban diesel exports to prioritize domestic prices, a move that could further exacerbate shortages for net importers like the UK. Chancellor John Healey has confirmed that the government is in discussions with US authorities and is preparing for potential supply disruptions.

Entities

Department for Energy Security & Net Zero · Department for Energy Security and Net Zero · Donald Trump · Emma Reynolds · Federation of Small Businesses · Iran · John Healey · RAC · Simon Williams · United Kingdom · United States

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