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The chart shows UK bulk diesel prices in pence per litre over time.
Key market events
Wholesale diesel prices are closely linked to global crude oil markets and can be significantly affected by major geopolitical events, supply disruptions and changes in demand. The chart above highlights several periods where these factors caused notable movements in diesel prices.
- 2008 Oil Price Spike: Global crude oil prices surged in the period leading up to the financial crisis, driven by strong global demand and supply constraints. Diesel prices rose sharply before collapsing during the subsequent economic downturn.
- 2016 Oil Market Crash: A combination of increased US shale production and OPEC supply led to a major oversupply of oil, pushing global prices to multi-year lows.
- 2020 Covid-19 Demand Collapse: Global lockdowns and reduced economic activity caused a sudden drop in fuel demand, resulting in one of the sharpest short-term declines in oil and diesel prices in modern history.
- 2022 Energy Crisis Peak: Russia’s invasion of Ukraine triggered a major energy market shock, disrupting oil and gas supplies and driving diesel prices to historic highs across Europe.
- 2026 Middle East Supply Tensions: Ongoing geopolitical tensions affecting key oil shipping routes and regional supply have contributed to renewed upward pressure on diesel prices.
Data sources
FTA / UK Haulier wholesale diesel price data (February 2007 – September 2017).
RAC-derived wholesale diesel price series (September 2017 – 25 October 2020).
RAC Foundation Wholesale Diesel (B7) data (26 October 2020 – present).
B7 diesel refers to road diesel containing up to 7% biodiesel (FAME – Fatty Acid Methyl Ester) as defined by the EN590 fuel standard. This blend became the standard specification for UK road diesel during the early 2010s following the introduction of EU renewable fuel requirements.
