Diesel prices ‘likely’ to hit all-time high next week

Average price of diesel is just 4p off previous record.

The average price of diesel looks ‘likely’ to hit a record next week.

The RAC has said that with diesel prices just 4p off the record of 199.09p set on June 25, 2022, a new all-time high looks set to be hit soon.

The average price of diesel looks "likely" to hit a record next week. The RAC has said that with diesel prices just 4p off the record of 199.09p set on June 25, 2022, a new all-time high looks set to be hit soon.

Simon Williams, RAC head of policy, said that the new price high looks ‘increasingly likely’.

“Diesel has risen nearly 12p (11.72p) this month, with 5p being added in the last week alone”, he said.

“The average price of petrol has now topped 172p (172.02p) having gone up more than 10p so far in September and 3.6p in the last week. The last time it was this high was 17 August 2022.”

The cost to fill an average-sized family car with diesel now costs £107.43, or £29 more than on February 28. Filling an average petrol-powered car now costs £94.61, or £21.55 more than at the end of February when the conflict in Iran began.

It comes amid wider volatility, with global energy prices set to push inflation higher by the end of the year, according to the Bank of England’s Monetary Policy Committee. The rate of Consumer Price Index (CPI) inflation rose to 3.1 per cent last month, largely driven by the aforementioned hike in petrol and diesel prices.

Williams added: “This means the average household which buys fuel twice a month is having to find an £43 extra for petrol and £58 for diesel compared to the start of the conflict.”