Diesel hits £2 a litre in UK for first time, RAC says, as US pressures Europe to release reserves
Diesel prices in the UK have reached record highs of £2 per litre, though experts suggest a physical shortage is unlikely. Market analysts note that high prices may lead to 'demand destruction' as consumers reduce travel.
Why it matters
Rising fuel costs impact inflation and consumer spending power, making energy market stability a critical economic concern.
Theo Leggett International business correspondent
Diesel prices are at record levels, but analysts say an actual shortage is highly unlikely.
The UK has four refineries, which together produce about half of what we use. The rest comes from abroad. Those refineries could produce more diesel than they currently do - although imports would still be needed.
The UK also has stocks of gasoil, which includes diesel, that are higher than this time last year. But if supplies do get tighter, what’s known as demand destruction comes into play.
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