Diesel set to hit record high price TODAY as Donald Trump considers export ban as Iran war drags on
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By PATRICK TOOHER, CONSULTANT CITY EDITOR
Published: | Updated:
The price of diesel will hit a record high today as fears grow that low stocks may dwindle further if Donald Trump imposes an export ban as the Iran war drags on.
The average cost of a litre of diesel last night was 198.89p, a fraction below the high in the aftermath of Russia's invasion of Ukraine in 2022.
'The previous record of 199.09p a litre for diesel will be broken today,' Simon Williams, the RAC's head of policy, told The Mail on Sunday.
Experts say the £2 barrier will be breached within days as the Middle East conflict enters its eighth month.
The news will pile pressure on Labour to delay a 5p rise in fuel duty planned for January.
Drivers have already seen the cost of filling up at the pump jump by 56.6p a litre since the US and Israel attacked Iran on February 28, according to RAC figures.
Energy prices have soared after Iran closed the Strait of Hormuz waterway through which a fifth of the world's oil supplies flow.
The latest price surge comes as President Trump mulls a 90-day ban on US diesel exports as he tries to keep pump prices down and shore up support ahead of November's midterm elections.
Donald Trump speaks to members of the press before departing from the new South Lawn helipad at the White House
Such a move would hit the UK because it is a net importer of diesel – and the US is by far its biggest supplier.
Soaring pump prices have ramped up calls on Chancellor John Healey to extend the freeze on fuel duty in next month's Budget to ease the cost of living burden.
The tax, which raised £24billion last year, takes 52.95p a litre for petrol and diesel.
It was due to rise by 5p but last May prime minister Sir Keir Starmer pushed that back until the end of the year.
Opposition parties are urging Mr Healey to extend the freeze further.
Shadow Chancellor Andrew Griffith told The Mail on Sunday: 'The Government cannot change everything in the world but it should certainly drop its own plans to raise fuel prices from the end of this year.'
Robert Jenrick, Reform UK's Treasury spokesman, said raising the duty would be a 'disaster for people's finances and the economy'.
'Healey should make clear now he won't go ahead with his 5p hike on January 1,' he said.
Andrew Bowie, Conservative energy spokesman, said any further increases in diesel prices 'would be a huge concern to all those who rely on it, from farmers and hauliers to tradespeople and others who are just going about their day.'
Almost a third of passenger cars on the road run on diesel.
That figure rises to 38 per cent – or 16 million vehicles – if lorries, vans and HGVs are included.
'Ministers should be fighting for our interests and seeking a carve-out to any ban if necessary,' Mr Bowie added.
'But unfortunately Labour have already proven before that they're incapable of negotiating good deals for Britain.'
Emergency stockpiles of the fuel have fallen to just 42 days after a series of refinery closures – most recently at Grangemouth in Scotland – dented storage capacity, Sky News reported.
The Government insists petrol and diesel are being supplied to forecourts as normal.
A spokesman for the Department of Energy Security and Net Zero said: 'We have a diverse and resilient supply. We continue to engage with our international partners and the UK fuel industry.'
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