‘Astronomical’ fuel price surge hits farmers in UK and US
Summary
Fuel prices for farmers in the UK and US have sharply increased due to a rise in diesel costs. The increases come after conflicts involving the US, Iran, and Russia, which affected oil supply and caused diesel prices to spike.Key Facts
- Diesel prices rose by about 10% in the UK, with red diesel now costing around £1.10 per litre.
- UK motorists’ average diesel price reached 183.5p per litre in late August.
- Renewed US-Iran fighting and Russia’s extended diesel export ban contributed to higher fuel costs.
- Brent crude oil price rose to nearly $97 a barrel, its highest in six weeks.
- US diesel prices hit about $5.78 per gallon, a 54% increase since the Iran conflict began.
- Farmers are buying fuel in smaller amounts more frequently to manage costs.
- Ukrainian attacks on Russian refineries reduced global diesel supply.
- Higher fuel prices are also affecting paraffin used to heat farm buildings, adding pressure on rural households.
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