Ukraine war: Diesel nears £1.70 a litre as wholesale price falls

The average price of both petrol and diesel climbed to new records again on Wednesday, but wholesale prices have fallen offering some possible respite for fleets.  

Unleaded is now 159.57p a litre while diesel increased by another 2p to 167.37p – making for a rise of more than 5p in two days.

A tank of petrol is now almost £88 while diesel has now gone over £92.

RAC fuel spokesman Simon Williams said: “Diesel unfortunately appears to be on a clear path to £1.70 a litre. As this is an average price, drivers will be seeing some unbelievably high prices on forecourts as retailers pass on their increased wholesale costs.

“But there was a hint of better news yesterday on the wholesale market with substantial drops in both petrol and diesel which could lead, in a week or so, to a slight slowing in the daily pump price increases and records being broken less frequently.”

Oil prices have jumped more than 30% since February 24, touching $139 (£105) a barrel at one point this week.

The oil price had fallen back to about $106 a barrel at one point on Wednesday (March 9), but was trading at around $114 today (Thursday, March 10).

Fleet News has teamed up with Allstar to bring you the fuel prices locator, enabling you to compare fuel prices and find the cheapest petrol or diesel in your area.

Even one penny per litre can make all the difference when filling up your fleet vehicles, potentially saving your company thousands of pounds a year.

Average pence per litre and per gallon petrol and diesel fuel prices in the UK regions includes England, Scotland, Wales and Northern Ireland. To access the latest fuel prices, click here.