Monthly fuel price of diesel in the United Kingdom (UK) 2016-2021

The average price of diesel fuel in the United Kingdom has increased noticeably. Initially dropping to a low of 101 pence per liter in February 2016, prices reached a peak of 136.7 pence per liter in October 2018. On average, the price of diesel in the UK was cheapest in Northern Ireland.

Diesel cheapest at supermarket forecourts

Hypermarkets such as Sainsbury's, Asda, and Tesco had the greatest market share of motor fuel sold in petrol stations in 2020. This is unsurprising as the price of diesel was on average three to six pence cheaper at supermarket forecourts when compared with the UK average.

Volatile crude oil prices

One of the influencing factors of the cost of fuel is the volatile nature of crude oil prices globally. Brent crude oil prices have varied greatly since the 1970s. The global oil glut in 2016, as a result of cheap U.S. shale oil, Brent prices fell to 43.67 U.S. dollars per barrel, which directly resulted in cheaper diesel prices across the UK. This development is also currently observed as a result of the coronavirus pandemic, with petrol and diesel fuel prices falling as a result of declining oil demand.