UK diesel prices hit record 199.18p per litre
AI Market Summary
UK retail diesel and petrol prices hit record highs as Middle East conflict disrupts regional oil production and transport, keeping refined product costs elevated. The shock reinforces the macro sensitivity to geopolitics and raises near-term inflation pass-through risk via higher freight and logistics costs. Sticky pump prices imply sustained tightness in the oil complex and could weigh on consumer demand while complicating policy expectations.
Impact level
● Medium
Affected assets
NCCO1OILBRENT2USD/USDT-0.22%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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The UK’s average retail diesel price has reached a record 199.18p per litre, while petrol has risen to 174.13p per litre. The motoring organisation RAC said the past seven months of war in the Middle East have severely disrupted regional crude oil production and transport, pushing fuel prices higher. It said the cost of filling a tank of diesel is £31 higher than at the start of the conflict and warned elevated diesel prices could feed through to broader consumer costs unless oil prices fall sustainably for weeks.
