UK Diesel Hits Record USD2.7 per Liter
The average UK diesel price reached £2 (nearly $2.7) per liter Wednesday as energy markets strained over the conflict involving the US, Israel and Iran.
“I want to reassure people this morning that the UK has got a diverse range of supply when it comes to diesel,” Mather told media.
“We have resilience built into our system for that reason,” he added, saying Britain is working with the US, the International Energy Agency and European partners to keep diesel flowing. He also cited the government's decision to freeze fuel duty, saying people “shouldn’t be concerned about shortages because of the inherent resilience that is built into that system.”
The RAC said diesel hit a record 199.33 pence per liter this week, topping the 199.09 pence set in June 2022 after Russia invaded Ukraine. Prices are up 59 pence per litre, nearly 40%, since the US-Israel conflict with Iran began at the end of February. More than half of UK diesel is imported, 31% of it from the US.
Separately, G7 leaders agreed to work “in a coordinated manner” to ease prices, including more flexible production, releasing up to 100 million barrels of strategic reserves within four months, and avoiding energy restrictions among partners. This comes after Donald Trump said he could ask European countries to release diesel reserves while weighing limits on US fuel exports.
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