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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: Strong global demand and constrained supply pushed crude oil prices to record levels ahead of the financial crisis, before collapsing sharply as economic activity contracted.
- 2011 Arab Spring / Libya disruption: Unrest in key oil-producing regions, particularly Libya, removed significant supply from the market and contributed to sustained higher oil and diesel prices.
- 2014 OPEC output decision: OPEC chose not to reduce production despite growing oversupply, triggering a prolonged fall in global oil prices through to early 2016.
- 2020 Covid demand shock & price war: Lockdowns drove a rapid collapse in fuel demand, compounded by a Saudi-Russia price war that flooded the market with supply, resulting in one of the sharpest price declines on record.
- 2020 storage crisis (negative oil): Storage capacity was overwhelmed as demand collapsed, briefly pushing oil prices into negative territory and disrupting refinery economics, including diesel supply.
- 2021-2022 energy crisis (gas-to-diesel switching): High gas prices, particularly in Europe, drove increased use of diesel and fuel oil for power and industry, tightening distillate markets.
- 2022 Russia invades Ukraine: The invasion and subsequent sanctions disrupted global energy flows, particularly diesel supply into Europe, driving sharp price increases.
- 2023 OPEC+ production cuts: Coordinated supply reductions supported higher oil prices following the post-pandemic recovery.
- 2023 Red Sea disruption: Attacks on shipping routes increased transit risk and journey times, adding upward pressure to oil and refined fuel prices.
- 2026 Middle East supply shock: Escalating conflict involving major producers and key transit routes drove renewed volatility and upward pressure on oil and 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.
