Cost of diesel hits highest price since December 2014

Diesel prices
Diesel prices

The cost of diesel has reached its highest level in almost three years, new figures show.

Average forecourt prices across the UK have hit £1.23 per litre according to Government data.

The last time prices were this high was in December 2014.

Drivers of unleaded vehicles are also suffering from rising prices.

The average cost of a litre of unleaded is £1.20, which is an eight-month high.

RAC fuel spokesman Simon Williams said multiple factors are to blame for the spike in diesel prices, including a barrel of oil hitting 64 US dollars and the plummeting value of sterling against the dollar.

“Fuel, like oil, is traded in dollars so we’re effectively getting less diesel for our money,” he explained.

Mr Williams also noted that entering winter puts pressure on diesel prices as refineries switch to producing domestic heating oil, which reduces supply and causes the wholesale price to increase.