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Rolling coverage of the latest economic and financial news Diesel is now selling at its highest price ever: forecourts are charing 199.18p per litre on average in the UK, according to the RAC, surpassing the previous record set in June 2022 after Russia’s invasion of Uktraine. Si

Rolling coverage of the latest economic and financial news Diesel is now selling at its highest price ever: forecourts are charing 199.18p per litre on average in the UK, according to the RAC, surpassing the previous record set in June 2022 after Russia’s invasion of Uktraine. Simon Williams , head of policy at the RAC, said the cost of filling up an average family car is now almost £110, which marks a £31 increase compared with at the start of the US-Iran conflict. The diesel price has entered new uncharted territory.

This spells pain not only at the pumps for drivers, but for everyone who buys goods or services that rely on diesel lorries and vans; undoubtedly these increased costs will be passed on to consumers. These extraordinarily high prices are another reminder of just how exposed the UK is to events occurring far away from its shores. Only a sustained lower oil price – over several weeks, not days – will lead to cheaper prices at the pumps.

Suggestions of a renewed deal to end the blockade of the Strait of Hormuz and get oil supplies moving freely again had offered a slight glimmer of hope for drivers. Continue reading...