Diesel still costing close to a ’dismal’ £2 a litre despite oil price falls

Pump prices stay stubbornly high as leading bank official warns energy costs are likely to remain ‘elevated’

The price of diesel on UK forecourts remains stubbornly close to October’s record high of £2 despite a sharp fall in oil prices.

A litre costs an average of 197p, according to the AA, which described the situation as “dismal”. By contrast, petrol has fallen 6p to 168p from the peak of 174.7p in early October. That was the highest level since August 2022.

High fuel prices are putting huge financial strain on households and businesses and Christopher Waller, a US Federal Reserve governor, told a conference in London this week that energy prices could remain “elevated”.