UK motorists are set to face £2 a litre diesel prices within days after wholesale prices surged to a four-year high, adding to a cost of living crisis that has been reignited by the war in Iran.
Alan Gelder, an oil products expert at Wood Mackenzie, said diesel prices at the pump were expected to surpass £2 a litre within a week after European diesel futures reached the equivalent of $211 a barrel, almost double the price of crude oil.
The loss of supplies from the Middle East has driven up oil prices across the world but diesel had some of the most rapid gains, with the world’s buyers jockeying for the remaining supplies.
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