UK diesel remains near record prices despite falling wholesale costs

UK diesel prices remain close to October’s record despite falling oil and wholesale costs, squeezing households and businesses. The slow decline has prompted criticism from the AA, while a US Federal Reserve governor warned energy prices could stay elevated.

Diesel averages 197p a litre, only 2p below its record, while petrol has fallen 6p from its early October peak to 168p. Unleaded wholesale costs have dropped from 77p to below 62p a litre since the second half of October, and the AA says petrol could fall by another 10p; regional prices vary, with some stations already selling below 160p.