Diesel, the fuel that powers the majority of cars in the UK, has been at its highest price for two years.
The cost of diesel has risen to its highest level in two years, following a rise in the wholesale price of oil. The news comes after a string of reports showing that UK drivers are increasingly turning to diesel as a cheaper alternative to petrol. Diesel was priced at an average of 127.76p per litre on October 27th according to figures from RAC Fuel Watch. This is up from 126.9p per litre on October 26th and compares with petrol which was priced at an average of 121.5p per litre.
Why is Diesel so high?
The main reason for the rise in the cost of diesel is because oil prices have risen over recent weeks and months, due to political instability in Iran and Venezuela among other things. The cost of Brent crude oil rose by 1% overnight on October 26th, which may not seem like much but it has a significant impact on what we pay at the pump for both petrol and diesel.
