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Record UK Diesel Jumps Above £2 a Litre on Nation’s Motorways - BLOOMBERG

JUNE 10, 2022

(Bloomberg) -- If the UK’s soaring fuel prices aren’t bad enough for consumers, try needing to fill up at a motorway service station.

The pump price for diesel passed £2 ($2.49) a liter for the first time ever on motorway service stations, according to the RAC motoring group. That’s about 6% more than the national average. Petrol also neared £2, feeding into a wider cost-of-living crisis for many.

“Another day and another round of fuel price records,” said Simon Williams, a spokesman for the RAC. 

The advance in fuel prices is part of a wider trend in the UK where the cost of living is rising fast, lifting inflation to multi-decade highs. Beyond the UK, countries such as the US are beginning to see demand destruction in locations where gasoline most expensive. 

Russia’s invasion of Ukraine and subsequent sanctions against the oil producer have sent oil prices to over $120 a barrel. Diesel prices in Britain have also been boosted by a ban on oil imports from Russia.  

The average cost of of petrol on UK motorways rose to a record of £1.97, according to the group.

The national average gasoline price rose to 183.16 pence per liter, while the diesel average rose to 188.82 pence. Both were up by about half a percent from a day earlier.


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