Diesel prices in the UK remain stubbornly high, hovering near £2 per litre, despite a notable drop in international oil prices. The average cost of diesel is approximately 197p per litre, maintaining financial pressures on households and businesses. In contrast, petrol prices have decreased by about 6p, currently standing at 168p per litre, down from their October peak of 174.7p.
The limited decline in diesel prices is attributed to factors such as restricted refining capacity, supply constraints, and elevated transportation costs. Additional complications, including rising insurance costs and security risks for oil tankers navigating the Strait of Hormuz, have further contributed to the sustained high energy prices.
While wholesale petrol prices have decreased significantly, dropping from 77p to below 62p per litre since mid-October, this trend has not been mirrored in diesel. Diesel prices have only seen a modest reduction of about 2p per litre from their record highs, despite similar reductions in wholesale costs.
Experts suggest that while there might be further slight decreases in diesel prices, motorists should be prepared for continued high expenses at the pump. The ongoing price disparity between diesel and petrol highlights the complex factors influencing fuel costs in the current market environment.