UK tries to stop Trump's diesel export ban
The UK is in talks with US authorities over a potential ban on diesel exports, as domestic fuel prices hit a record high.
Stock photo for illustration only, not from the actual event
- UK is holding talks with the US to prevent a diesel export ban
- UK diesel prices hit a new record high of 199.33p per litre on Monday
- Britain relies on the US for roughly a third of its diesel imports
The United Kingdom is currently in discussions with American authorities regarding a potential stoppage of diesel exports and has begun making preparations for a possible ban, according to Chancellor John Healey speaking to BBC News.
Diesel prices across the UK climbed to a brand new high on Monday, driven by supply chain pressures stemming from the ongoing US-Israel conflict with Iran alongside Russia's war in Ukraine.
Stock photo for illustration only, not from the actual event
Speaking on the sidelines of the annual Labour Party Conference held in Liverpool, Healey stated that British officials work very closely with their American counterparts.
The UK depends on the United States for approximately one-third of its total diesel imports, meaning that any export ban would drive consumer prices even higher.
US sources have indicated that Donald Trump is considering implementing the ban in an effort to lower prices for domestic consumers ahead of the critical midterm elections. The BBC has reached out to the White House for comment on the matter.
"Fundamentally, what we need is a settlement in the Middle East. We need an easing of the pressure of costs on business, the costs on households and on ordinary families that we see at the pumps in the most extreme level today for diesel."
John Healey
According to the RAC motoring organisation, the average price for a litre of diesel in the UK reached 199.33p on Monday, surpassing the previous record of 199.09p set in June 2022 following Russia's full-scale invasion of Ukraine. Petrol prices are also continuing to rise, currently standing at 174.23p per litre.
This ongoing energy squeeze demonstrates how deeply intertwined global supply chains are with geopolitical conflicts in the Middle East and Eastern Europe. For import-dependent economies like the UK, external supply shocks are compounded by domestic policy shifts, leaving households vulnerable to sudden price spikes at the fuel pumps.
Compounding the financial pressure, a freeze on fuel duty originally implemented by the Conservative government in 2022 is scheduled to expire at the end of the year, with a 3p increase slated for January followed by an additional 2p rise in March.
Source: BBC Politics
Found something wrong in this article? Report an issue with this article
Comments
Leave a Comment