Diesel prices hit three-year high as Middle East crisis hits motorists
Latest figures show diesel prices have reached their highest level in three years.
The average price of unleaded fuel has increased by 14p per liter since the end of February, reaching 147.19p.
This adds £8 to the cost of filling up a family car, now bringing the total to £81, the RAC said.
Gasoline prices were last at this high level in early June 2024.
The situation is considered “much worse” for drivers of diesel vehicles; The liter price increased by 29 pence to 171.17 pence, its highest price since mid-January 2023.
This means a tank now costs £94; this is £16 more than at the start of the Middle East conflict.
RAC head of policy Simon Williams said: “Households are really feeling the impacts of conflict in the Middle East, given how many people rely on their cars.
“Oil has been trading above $100 a barrel for the last three days and looks set to stay there, drivers face a tough time at the pumps as the Easter holidays approach and there is no end in sight to price increases.
“With the price of petrol likely to rise above 150 pence per liter next week and the price of diesel likely to rise to 180 pence, this looks set to be the most expensive Easter on the road in 2022 since the early days of the war in Ukraine.”
The choice of mortgage deals has fallen by almost a fifth in the past few weeks, with around 1,500 fewer deals available, according to analysis on a financial information website.
Moneyfacts said there were 1,492 fewer home mortgage products available as of Monday morning compared to March 9, meaning the number of products available was down by 19.5 percent.
Around 744 deals have disappeared since Thursday last week, Moneyfacts said.
The Bank of England base rate was kept at 3.75 per cent that day, but UK inflation forecasts were also raised.
As conflicts in the Middle East put pressure on prices, lenders are scrambling to increase the mortgage rates they offer and withdraw some products in the face of changing inflation expectations.
