LONDON — Diesel prices in the United Kingdom reached an all-time high on Monday, with the average price of a liter standing at 199.18 pence, surpassing the previous record of 199.09 pence per liter set in June 2022.
The price has risen 56.8 pence since Feb. 28, when a liter averaged 142.38 pence as tensions escalated between the U.S. and Iran.
The recent surge stems from disruptions linked to the Russia-Ukraine conflict and renewed hostilities across the Middle East. Russian diesel exports have declined following Ukrainian drone attacks on oil refineries, including a key facility near Moscow earlier this month. Iran's blockade of the Strait of Hormuz has further constrained global fuel production and distribution.
Simon Williams, head of policy for the RAC motoring body, said the new record represents "a financial blow to households and businesses that use their vehicles regularly."
Filling an average family car with diesel now costs nearly £110, compared with £79 at the start of the U.S.-Iran conflict in February. Williams said relief at the pumps requires "a sustained lower oil price — over several weeks, not days."
He cautioned that the increased costs will be passed on to consumers through higher prices for goods and services reliant on diesel transport.
Data from the Department for Transport shows 15.1 million diesel-fueled vehicles were licensed for use on UK roads at the end of June, including 9.8 million diesel cars.
Dr. Jonathan Owens, an operations and supply chain expert at the University of Salford, illustrated the impact on commercial transport. A heavy goods vehicle traveling 80,000 miles annually at eight miles per gallon consumes approximately 45,460 liters of diesel. At £2 per liter, the annual fuel bill would be around £90,900. At £3 per liter, it would rise to approximately £136,400 — an additional £45,500 per vehicle, or £4.55 million for a fleet of 100 HGVs.
