London:The price of diesel on UK forecourts has soared to an unprecedented average of 199.18p per litre as tensions in the Middle East continue to escalate, driving fuel costs to new heights.

According to Azeri-Press news agency, the previous highest price was 199.09p in June 2022 following Russia's invasion of Ukraine. The price may soon exceed £2 per litre after Donald Trump rejected a seven-day peace proposal from Iran, which aimed to reopen the vital oil and gas shipping route through the Strait of Hormuz. The RAC reports that filling an average family car with diesel now costs nearly £110, marking an increase of £31 since the onset of the US-Iran conflict in February.

Simon Williams, the head of policy at the RAC, commented that the recent diesel price surge is unprecedented and will affect not only drivers but also consumers who rely on goods and services transported by diesel-powered vehicles. The rising costs are expected to be passed on to consumers.

Petrol prices are also climbing, with the average price per litre reaching 174.13p, a 41p increase since the start of the war. Filling a full tank now costs nearly £96. Trump has mentioned he is considering a US diesel export ban to control soaring prices and has urged Ukraine to halt strikes on Russian oil refineries due to concerns about further price increases.

Dr. Jonathan Owens, a supply chain expert at the University of Salford, warned that the increase in fuel prices could significantly impact various sectors of the UK economy, from supermarkets to agriculture. He emphasized that geopolitical events and potential policy decisions can quickly affect the supply chain and ultimately result in higher prices for consumers.