UK fuel pricing remains elevated because international refining constraints limit diesel production and bolster pump rates. Furthermore, US Federal Reserve governor Christopher Waller revealed that maritime security protocols in the Strait of Hormuz add up to $30 to a barrel of crude oil. Domestically, the AA reported that while petrol is cheapening in northern England, Wales, and Scotland, retailers in London and the south-east have failed to pass down wholesale savings.
Key points
Limited global refining capacity is keeping diesel costs under severe pressure despite dr…: Limited global refining capacity is keeping diesel costs under severe pressure despite drops in raw oil prices.
Motorists in London and south-east England are facing stubborn pricing due to retailers r…: Motorists in London and south-east England are facing stubborn pricing due to retailers refusing to transfer wholesale savings.
Geographical pump price discrepancies mean drivers in northern England, Wales, and Scotla…: Geographical pump price discrepancies mean drivers in northern England, Wales, and Scotland enjoy petrol under 160p per litre.
Sources checked by our analysis pipeline: 1
The price of diesel on UK forecourts remains stubbornly close to October’s record high of £2 despite a sharp fall in oil prices.
A litre costs an average of 197p, according to the AA, which described the situation as “dismal”. By contrast, petrol has fallen 6p to 168p from the peak of 174.7p in early October. That was the highest level since August 2022.
High fuel prices are putting huge financial strain on households and businesses and Christopher Waller, a US Federal Reserve governor, told a conference in London this week that energy prices could remain “elevated”.
He said a rise in tanker traffic through the strait of Hormuz came at a price: “The insurance now needed for ships making this passage, and the ship-to-ship transfer of oil necessary to guard against Iranian attacks, are reportedly boosting oil prices by $20 to $30 a barrel.”
Diesel production is also being affected by limited refining capacity and other constraints, Waller said, adding: “As a consequence, elevated prices for diesel in the United States are not expected to moderate as readily as…
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