Key facts
- The UK is discussing a potential US ban on diesel exports with US authorities.
- UK diesel prices hit a record high of 199.18p per liter on Monday.
- US President Donald Trump is considering a ban on diesel exports.
- The UK relies on the US for about one-third of its diesel imports.
- Rising fuel prices are attributed to the US-Israel conflict with Iran and Russia's war with Ukraine.
The UK government is actively engaging with US authorities to prevent a potential ban on diesel exports, which could exacerbate already high fuel prices. Chancellor John Healey confirmed these discussions and stated that the UK is preparing contingency plans, including utilizing domestic stocks. Diesel prices in the UK have reached a record 199.18p per liter, driven by global supply pressures stemming from the conflict in the Middle East involving Iran and the ongoing war in Ukraine. US President Donald Trump has indicated serious consideration of an export ban, potentially to lower domestic prices ahead of midterm elections. The UK imports approximately one-third of its diesel from the US, making such a ban a significant concern for the British economy and consumers. Petrol prices are also on the rise. The RAC described current diesel prices as entering "uncharted territory" and highlighted the UK's vulnerability to distant geopolitical events. Healey acknowledged the cost-of-living pressures and is preparing a budget aimed at providing relief, with potential fuel duty increases scheduled for early next year.