Diesel to hit ALL-TIME HIGH next week as cost of filling family car skyrockets to £107

DIESEL prices are set to smash the all-time record within days, with the cost of filling up a family car now standing at £107.43. The average price of a litre of diesel has climbed to 195.32p, just under 4p short of the record 199.09p set in June 2022. Experts say it is now “increasingly likely” that milestone will be broken next week. Petrol drivers are also feeling the pain, with the average price per litre topping 172p for the first time since August last year. Sign up for the Money newsletter Thank you! Filling up a 55-litre family car with petrol now costs £94.61. RAC head of policy Simon Williams said diesel has “risen nearly 12p this month, with 5p being added in the last week alone.” He said the average diesel fill-up is now “£29 (or 37%) more” than it was at the end of February when war broke out in Iran. Mr Williams added that families filling up twice a month are now forking out an extra “£43 extra for petrol and £58 for diesel” compared with before the conflict began. The misery at the pumps comes as new government fuel finder data shows nearly 300 forecourts across the country are already charging £2 a litre or more for diesel. Another 125 stations are pricing at exactly 199.9p, just a fraction below the symbolic threshold, in an apparent bid to avoid scaring off customers. Most read in Money Motorists have been urged to shop around before filling up, as prices can vary wildly from one forecourt to the next even within the same town. The pain shows no sign of easing, with analysts warning diesel could soar as high as £2.30 a litre by Christmas if the conflict in the Middle East continues to disrupt supplies. Wholesale diesel costs have already surged 12% this month alone, driven by escalating turmoil in the region. Supply chains were dealt a heavy blow after Saudi Arabia was forced to suspend its crucial East-West pipeline, a 1,200-kilometre route that allows oil to bypass the dangerous Strait of Hormuz. Experts fear the pipeline could remain shut for weeks and warn it could be targeted again, further choking global oil supplies. Alan Gelder, an analyst at Wood Mackenzie, warned that if the war in Iran drags on and Ukraine continues its attacks on Russian refineries, prices at the pump could climb even higher than currently expected. He said: “This would imply UK retail diesel prices over £2.30 per litre. This is considerably higher than the prior record of £1.99 per litre.” He added: “There doesn’t seem to be any particular resolution to either of these conflicts in sight, which just means it’s just going to drive prices higher.” Fuel retailers have little room left to soften the blow for drivers, with diesel profit margins already sitting below their six-month average. That means rising wholesale costs are being passed straight on to motorists at the till, with little relief in sight. You can use our interactive tool to help you find the cheapest petrol stations in your area below. Comment now