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The Independent UK
The Independent UK
Josie Clarke

Diesel prices spike to three-year high as Middle East crisis hit motorists

Latest figures show diesel prices have hit a three-year high.

The average price of unleaded has now risen by over 14p a litre since late February, reaching 147.19p.

This adds £8 to the cost of filling a family car, now totalling £81, the RAC stated.

Petrol prices were last at this elevated level in early June 2024.

For drivers of diesel vehicles, the situation is deemed "far worse", with a litre up 29p to 171.17p, its highest price since mid-January 2023.

This means a tank now costs £94, £16 more than it did at the start of the Middle East conflict.

A tank of diesel now costs £94 - £16 more than at the start of the crisis. (AFP/Getty)

RAC head of policy Simon Williams said: “Given how many rely on their cars, households are really feeling the effects of the conflict in the Middle East.

“As a barrel of oil has been trading well over 100 dollars for the last three days and looks set to remain at that level, drivers are in for a rough ride at the pumps in the run-up to the Easter break with no end to price increases in sight.

“With the price of petrol likely to go above 150p a litre in the next week and diesel heading to 180p, it’s looking like it will be the most expensive Easter on the roads since the early days of the war in Ukraine in 2022.”

It comes as the choice of mortgage deals has shrunk by nearly a fifth over the past couple of weeks, with nearly 1,500 fewer deals available, according to analysis from a financial information website.

Moneyfacts said that, as of Monday morning, there were 1,492 fewer residential mortgage products available compared with March 9, meaning the number of available products has shrunk by 19.5 per cent.

Some 744 deals have disappeared since Thursday last week, Moneyfacts said.

On that day, the Bank of England base rate was held at 3.75 per cent, but forecasts for UK inflation were also hiked.

Lenders have been scrambling to increase the mortgage rates they are offering and withdraw some products amid changing expectations for inflation, with the conflict in the Middle East putting pressure on prices.

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