Diesel price hits new record high

The average price of a litre of diesel has climbed to a new all-time high, according to the RAC.

Motorists are paying an average of just over £1.80 per litre at supermarket and independent forecourts across the UK.

The previous record of £1.79 was set in March following Russia’s invasion of Ukraine. Prices subsequently dipped, but have risen again in recent weeks.

Petrol prices have also risen by nearly 3p per litre since the start of May and are now £1.66 per litre on average, just below the all-time high of £1.67 set in March.

“Sadly, despite the Chancellor’s 5p a litre duty cut the average price of a litre of diesel has hit a new record high at 180.29p,” said RAC fuel spokesperson Simon Williams.

“Efforts to move away from importing Russian diesel have led to a tightening of supply and pushed up the price retailers pay for diesel. While the wholesale price has eased in the last few days this is likely to be temporary, especially if the EU agrees to ban imports of Russian oil.”

The European Union hopes to phase out the import of crude oil from Russia within six months but the plan is opposed by Hungary, which is heavily reliant on Russian oil.

In addition to adding costs for individual motorists, rising diesel prices increase costs for businesses which rely on vans and lorries to deliver raw materials and stock. These costs are likely to be passed on in the supply chain.