Anyone with diesel car given 'fill up' alert by energy expert over incoming price increase

Anyone with diesel car given 'fill up' alert by energy expert over incoming price increase One expert estimated 42 days of imports in UK with Trump considering export ban as prices soar past £2 a litre An energy resources expert has spoken about the chances of diesel fuel soaring even further in price - as many motorists will be considering filling their car as soon as possible. Appearing on BBC Radio 4’s Moneybox show, Ellen Fraser, Associate Partner and expert in Energy and Resources at the consultancy Baringer, spoke out as US President Donald Trump is considering a total diesel export ban. New research from Sky News analysis of various data sources suggested the UK only has 42 days’ worth of imports for emergency stocks of diesel in July 2026. Government data from last year shows that the US accounts for about a third of all UK diesel imports. Thomas Pugh, chief economist at the accountancy RSM, said there would be an “immediate effect” on the UK if a ban was imposed. He added that the main sectors to be hit would be road haulage, agriculture, construction and distribution. Energy expert Ms Fraser told listeners to the show: “There are so many things going on here. So we’ve got the Strait of Hormuz which is taking out both crude oil but also refinery capacity. We’ve got what’s going on in Russia and that’s taken out refinery capacity particularly in the diesel markets which is behind some of the spike here. “But for diesel and some of the products we’re also going into the winter months so people are stocking up before we go into winter. And in agriculture for example we’ve got all the farmers out in the fields harvesting. That’s just putting general pressure on refined products and a bit of a consumption peak and that’s causing the prices to nudge up a little bit as well.” Show host Paul Lewis asked: “Filling up your car the average price of unleaded £1.74 a litre, diesel this morning I saw at over £2 breaking possibly the record. The RAC says prices likely to rise further. Do you agree?” Ms Fraser said: “I think that is likely based on the really tight demand-side market - so yes.“ Speaking about the people using heating fuel oil in teh UK, Mr Lewis asked if people should buy now: “Been a tough time for people using heating oil this year and now of course they face winter buying oil as the price heads up. Is it a good idea to wait?” Ms Fraser said: “It’s always really hard to give advice because the energy markets are incredibly tight at the moment and thast means that they’re really volatile, so you get bounces up and you get bounces down. “But when we’re looking at the oil markets currently the forward curves don’t suggest that they’re going to come off much over the winter period and we’re expecting those prices to stay high until at least April and May which is obviously far too late to fill the tanks. “If I was in those shoes now I would probably lock in and fill up.” Mr Lewis said: “Talking of Ofgem it’s price cap rises on Wednesday. The price of gas is going up, electricity fairly flat, but then from January 1 there have been two forecasts, one reported in the paper today, the price cap will rise by 25% - an extra £400-odd a year. Do you agree with that?” Ms Fraser said: “We haven’t got a solid prediction yet. Based on gas prices which have at least doubled during the period since the last price cap was set and since the beginning of this year, that’s creating a lot of upwards pressure specifically on the gas element of the domestic price for customers and remember the 25% you’ve quoted there is for a dueal fuel customer who’s got electricity and gas. That’s not unrealistic - I think that’s a good approximation. We’ll obviously see later this week how that plays through.” Earlier this week, Trump said he would back Republican proposals to halt exports of diesel in order to ease prices ahead of mid-term elections in November. US Treasury secretary Scott Bessent said there was a review underway of whether a ban could work as American diesel prices reached record highs at over £4.87 a gallon. It comes as reports suggested Iran’s IRGC has substantially escalated its targeting of vessels in the Strait of Hormuz over the past hours, launching anti-ship cruise missiles and drones while fast-attack boats engage tankers with guided rockets, machine guns and small arms. At least 3 vessels have been struck and a 4th has turned around, with a second source putting the number struck last night at up to 6, the Hormuz Letter said. Listen to the Moneybox show here.