Diesel hits £2 a liter after Putin’s war sparks oil market turmoil Business

Drivers are facing prices of over £2 for a liter of diesel on some forecourts as Russia’s invasion of Ukraine wreaks havoc on the oil market.

At a Canterbury site, diesel was on sale for 206.9 pa liter on Thursday, with the average price climbing to 167.37 pa litre, according to the RAC. That’s up from 147.72 per liter in November.

The hike threatens to add to the misery of customers, who could face higher delivery charges, given that most trucks and vans run on diesel.

Drivers of petrol vehicles are also hammered at the pump, with the RAC suggesting the average price reached 159.57p a litre, up 1.4p on Wednesday. A year ago the average price of petrol was around 125p, while diesel cost 127p a litre.

RAC’s Simon Williams said: “Drivers will see incredibly high prices on forecourts as retailers pass on their increased wholesale costs.”

The price hike comes as fears swirl over oil supply shortages, triggered by the fallout from Russian attacks in Ukraine.

Oil prices have risen by about a third since late February and rose again on Thursday, to $116 a barrel.

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This notice was published: 2022-03-10 12:42:42

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