Millions of UK drivers warned pump prices could rocket to £2.50 a litre if Trump imposes diesel export ban

Millions of UK drivers warned pump prices could rocket to £2.50 a litre if Trump imposes diesel export ban The nationwide average diesel has already hit almost £2 a litre - but one expert has warned it could surge if President Trump imposes an export ban to try win over voters ahead of the US mid-term elections Diesel has soared to a nationwide average of almost £2 a litre - with warnings prices could surge as high as £2.50 if US President Donald Trump imposes an export ban. Millions of motorists have been left reeling from a spike in pump prices in recent weeks, compounding hikes since earlier this year which have proven a huge extra drain on many households’ finances. The budget-battering jump follows a sharp rise in oil prices amid the ongoing Middle East conflict. Figures from the RAC show the nationwide average for unleaded now stands at 173.60p per litre, having risen nearly 12p this month alone and more than 40p since the Iran War began in late February. However, Britain’s more than 9.5 million diesel drivers have been hit even harder, with the national average now at 198.32p, close to the highest ever which stands at 199.09p. In some areas, diesel prices have already breached the £2 a litre mark, with reports of some forecourts charging as much as 219.9p a litre. RAC head of policy Simon Williams said: “The average price of diesel is teetering on the brink of a new all-time high at 198.32p, taking the cost of a 55-litre fill-up for a family car to £109. “The record of 199.09p will almost certainly be surpassed over the weekend as retailers continue to pass on the increases they’re seeing when they buy new supply. Diesel is up 14.5p this month alone and 55p since February 28. He added: “Sadly for drivers, there appears to be no end in sight to high prices at the pumps as the cost of a barrel of oil hit $106 having been around that $100 mark for the last two weeks. A significant drop in the price of oil is badly needed but this seems unlikely without the US and Iran striking a deal.” Howard Cox, founder of FairFuelUK, warned: “The UK is dangerously exposed on diesel. We import the vast majority of what we use, and almost 70% of it comes from just three places — the US, the Netherlands and Belgium. When those supply routes tighten. British drivers get hammered overnight. No other major economy is this dependent, this vulnerable, or this quick to pass global shocks straight to the pumps.” The UK’s reliance on the US, in part, poses a new risk after reports that President Trump is considering a ban on diesel exports. The possible move comes as the Trump administration tries to cool pump prices in the States ahead of the mid-term elections, with the President keenly aware that a national average of almost $7 a gallon is a major blow to voters. Ashley Kelty, a research analyst at investment bank Panmure Liberum, warned if there were a ban it was “not unreasonable to think £2.50 a litre - or higher - diesel is on its way”. He told the Daily Mail: ‘With the mid-terms fast approaching, Trump is keen to find any measure that may help lower prices for voters. But while this plan has the right optics, it’s not one that has been considered in depth given the inherent economic weaknesses that could see the policy actually making things worse.”