LONDON, October 2: The average pump price of a litre of diesel fuel hit £2 ($2.64) in Britain for the first time on Friday, according to data compiled by the RAC motoring organisation, the latest landmark in a global surge in fuel prices.
The UK-wide average pump price of a litre of diesel has hit 200.01 pence, crossing the 200p mark for the first time. Prices have been inching steadily higher after passing the previous record of 199.09 pence on Monday, a level that was set in June 2022 shortly after Russia’s invasion of Ukraine.
RAC head of policy Simon Williams said the rise in prices was “showing no signs of slowing.” The surge comes amid growing pressure on governments to act as fuel costs climb across Europe.
On Friday, European Union countries discussed a French proposal to release diesel stocks in response to US pressure to help cool surging fuel prices. French President Emmanuel Macron also intends to hold a call with his counterparts from the G7 to discuss actions on world markets for crude and refined products, following talks on the issue with US President Donald Trump.
Fuel prices are one of the key drivers of UK inflation, which hit a five-month high in August, adding pressure on consumers who are grappling with a protracted cost-of-living crisis.
On the other hands, European Union countries discussed a French proposal on Friday to release diesel stocks in response to US pressure to help cool surging fuel prices linked to the Iran war, three sources familiar with details of the discussion told Reuters.
The proposal, discussed on a call involving EU governments, calls for European countries to release 50 million barrels of diesel and International Energy Agency members to release 50 million barrels of crude oil, the sources said.
