Summary
Leaders from the G7 bloc of advanced economies are meeting urgently by video conference to discuss global diesel supply – Foreign Secretary Ed Miliband is attending for the UK
It comes as US President Donald Trump says he may ask European countries to release diesel reserves as he considers banning US exports of the fuel
The move could bring prices down significantly for American drivers, but experts warn it would put further pressure on diesel prices in other countries, as the Iran war continues to put pressure on supply
Average UK diesel prices have hit a record high, according to motoring group the RAC, reaching £2 a litre for the first time
However, UK Transport Minister Keir Mather says Britain’s supply of diesel is “robust” and “resilient” and the country has a wide range of sources
Even if you don’t drive, it would be a mistake to think these record prices won’t affect you, our cost of living correspondent writes
Diesel prices are hitting record highs, and could continue to risepublished at 09:36
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Marc Ashdown
Business correspondent
This goes back to the Russian invasion of Ukraine.
Things had stabilised after that. Then, of course, you have the US/Israel conflict in Iran. That pushed the price of oil up over $100 (£75) a barrel – that had been trading about $65/$70 a barrel before that conflict.
That’s comfortably been over $100 a barrel now because of the issues with the Strait of Hormuz – 20% of the world’s oil comes through there, and it’s been pretty much choked off for the time being.
So that’s put the pressure up there.
I think, in the UK, we’ve been protected from that in certain terms because we import a lot of our oil and diesel from Norway and the US.
But if that supply is looking at being squeezed as well, then potentially these prices could increase.
We’ve seen a record high in diesel prices again today, and I fear that is only going to continue to rise.
High fuel costs could cut charity’s aid shipments
Jake Wallace
BBC Channel Islands
A Jersey charity warns high fuel costs could force it to cut the number of aid shipments it sends to eastern Europe.
Mustard Seed Jersey normally sends three shipments a year to Romania and Ukraine, carrying food, clothing, toiletries and other essentials for people displaced by war.
Founder Rose Hélie says the charity was “pretty shocked” by the “horrendously high” fuel costs for its first shipment of the year.
She says deliveries could fall from three to two next year without a “sudden influx of money”.
Drivers say surging cost of diesel ‘taking its toll’
Jasmine Sandhar
BBC Newsbeat, reporting form West Midlands
Patrick Thompson says prices seem to just keeping going “up and up”“Since I’ve started driving the price keeps going up and up and up,” Patrick Thompson tells me as he stops to fill up at a petrol station in the West Midlands: “It’s taking a toll.”
The 25-year-old uses his van every week to carry building materials and workmates to jobs.
But diesel prices are so high that Eddie Rowe, who also works in the building trade, says he’s recently had to start using an estate car to keep costs down.
“It’s obviously better” on fuel than a truck, the 24-year-old from Cannock says, “but it’s more awkward” for transporting materials.
Dave Smith, 55, from Brownhills, runs a business transporting ponies and estimates he drives about 20,000 miles a year for work.
“We seem to be living at the fuel pump now,” he says, adding that he spends more on diesel than on food for the ponies at the moment.
“It’s our biggest expenditure… You’re trying to earn but you’re paying more out than what you’re earning.”
Dave Smith says he’s now paying more on diesel than than on food for the ponies he transports
