Diesel prices could go as high as £3 a litre and could even be rationed as a result of Russia’s invasion of Ukraine, according to energy experts.
The warning was made at a Treasury Select Committee hearing this week into the impact of economic sanctions on Russia on energy prices and the UK economy.
Leading economics and energy analysts warned that diesel prices could double from current prices. According to the latest figures from data firm Experian Catalist, the average cost of a litre of petrol on 13 March rose to almost £1.64, while diesel was up at £1.73 with prices continuing to rise as the war in the Ukraine continues.
Whilst the UK received only around 18% of diesel imports from Russia in 2020, the impact of sanctions will still be significant on diesel prices, the committee was told, particularly if the situation in the Ukraine worsens.