Diesel prices hit new record high

The average price of diesel reached a new high across the UK on Halloween, hitting 147.94p a litre.

The average UK pump price for diesel hit a new high of 147.94p a litre at Halloween

The record surpasses the previous high of 147.93p set on 12 April 2012 and comes just a week after petrol also went above the record price of April 2012 at 142.48p. Since then, unleaded has gone higher still, peaking at 144.35p yesterday (Sunday 31 October).

The data from the RAC also reveals that the price of a litre of diesel has gone up 30p a litre in a year, making a full 55-litre tank £16 more expensive (£65 to £81).

RAC fuel spokesman Simon Williams said: “While this isn’t unexpected as petrol has already hit a new record price, it’s still another body blow to drivers and businesses across the country who were already struggling to cope with rising prices.

“As well as hitting household budgets this will have a knock-on effect on the price we pay for goods and services as diesel is very much the fuel of business and, as such, will contribute further to inflation.”

The prime reason for higher pump prices is the doubling of the price of a barrel of oil, up to more than $80 from $40 a barrel a year ago.

But the price of diesel is also strongly affected by the high cost of the biodiesel, which is now two and a half times what it was 12 months ago. As a result, the biodiesel content in a litre has rocketed from 7p to 16p, while the pure diesel component has doubled from 20p to 40p.

Williams added: “Unlike petrol where retailers have increased their margin on every litre sold compared to 2012, the profit being taken on diesel is the same as it was nine and a half years ago, so we’re pleased to report this isn’t adversely contributing to the record price at the pumps.”

For more of the latest industry news, click here.

Natalie Middleton

Natalie has worked as a fleet journalist for over 20 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day.