Mar 13 • 09:53 UTC 🇬🇧 UK Mirror

Diesel has jumped 16p in past fortnight but petrol only 7p - this is why

The rise in oil prices due to geopolitical tensions has led to a more significant increase in diesel prices compared to petrol.

Recent geopolitical events, particularly US and Israeli military actions targeted at Iran, have led to a surge in oil prices, causing a ripple effect in fuel prices across the UK. Expectations of stable petrol and diesel costs were dashed as the situation escalated, leading to immediate price hikes at gas stations. The Royal Automobile Club (RAC) reported a nearly 9% increase in diesel prices since the conflict began, contrasting with a 6% rise in petrol prices.

The disparity in price increases has puzzled many drivers, particularly those who use diesel vehicles, as they now face steeper charges at the pump. Diesel prices have seen an increase of 16p per litre over the past fortnight, which significantly outpaces the 7p increase observed for petrol. This difference can be attributed to the specific dynamics of the crude oil markets and the different supply chains associated with petrol and diesel production.

Overall, the implications of this price rise are considerable for consumers, particularly in the UK, where many rely on diesel as fuel for personal and commercial vehicles. The ongoing conflict in the Middle East may lead to continued volatility in oil prices, suggesting that motorists may need to brace for further price increases in the coming weeks as geopolitical tensions persist and the market adjusts.

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