The average price of diesel fuel in the United Kingdom has reached a record high, approaching two pounds per litre, official data showed on Tuesday. In the week ending October 5, the average diesel price climbed to 199.52 pence per litre, surpassing the previous peak of 199.22 pence recorded in July 2022 following Russia’s invasion of Ukraine.

Diesel prices in the UK have risen significantly from around 140 pence per litre at the start of the year. The increase coincides with the escalation of tensions and conflict between the United States and Iran, which began at the end of February. Additional upward pressure has come from export restrictions imposed by Russia, a major global energy supplier, following Ukrainian attacks on its fuel infrastructure.

Prices for diesel have been rising globally amid these geopolitical disruptions. In the United States, the average diesel price reached nearly $6.53 per gallon in late September, according to the American Automobile Association (AAA), a motorists’ advocacy group.

To ease the impact on consumers, US President Donald Trump signed an executive order on Monday permitting the use of tax-exempt red-dyed diesel, typically designated for off-road vehicles like farm machinery, to be used on public roads. This measure is intended to provide some immediate relief to motorists facing soaring fuel costs.

Furthermore, G7 countries, working in coordination with the International Energy Agency, announced on Friday a joint decision to release 100 million barrels of crude oil and diesel reserves. This coordinated move aims to stabilize global fuel markets and mitigate price increases driven by supply disruptions and geopolitical tensions.

The combined effect of these international developments and regional conflicts continues to exert upward pressure on diesel prices, with consumers worldwide experiencing the economic consequences of constrained fuel supply and heightened demand.