UK diesel prices have hit a record high of £2 per litre, up 40.5% since late February when conflict between the US, Israel and Iran began disrupting oil supplies from the Gulf.
The price surge reflects global crude and refined product shortages. France has proposed that EU nations and the International Energy Agency release oil and diesel from strategic reserves to counter the cost increases spreading across the economy.
The record reflects the vulnerability of fuel markets to supply shocks in the Middle East. British motorists are experiencing acute pressure at the pumps. One driver quoted in the reporting stated: "Half my day's pay goes to filling up my car."
The disruption began in late February with the US-Israel war on Iran. That conflict has cut supplies of crude oil and refined petroleum products from Gulf producers, a region that supplies significant volumes to global energy markets.
France's proposal for coordinated reserve releases signals concern among EU energy policymakers about the economic damage from sustained high fuel prices. Whether EU nations and the IEA act on the proposal remains unclear from the available material.