Britain is watching Washington very closely – because Donald Trump is considering a move that could make an already painful fuel-price crisis even more uncomfortable for UK drivers.
Diesel prices are already hitting record territory in Britain, and now thereās another problem brewing across the Atlantic.
The US government is considering a ban on diesel exports, and the UK government is already talking to American officials while preparing for the possibility that the ban actually happens.
šŗšø Trump has thrown fuel markets into another frenzy
Donald Trump has said he is seriously considering restricting US diesel exports as fuel prices rise.
The idea is aimed at helping American consumers deal with high domestic prices, but the knock-on effects could stretch far beyond the US.
And Britain has a particularly big reason to be nervous.
The UK gets around a third of its diesel imports from the US.
So if those supplies suddenly disappear?
Wellā¦ Britain’s fuel market could have another headache on its hands.
š¬ The UK government is already making contingency plans
Chancellor John Healey has confirmed that the UK is talking to US authorities about the situation.
He also said Britain is preparing for the possibility that it may need to rely on its own stocks.
In other words: Westminster isn’t waiting around to see what Trump decides.
Healey acknowledged that diesel prices in Britain are already at an āextremeā level and said the government is looking at ways to deal with the potential disruption.
ā½ And the prices are already eye-wateringā¦
According to the RAC, the average UK diesel price reached 199.18p per litre on Monday.
That’s above the previous record of 191.5p per litre, set in June 2022 following Russia’s full-scale invasion of Ukraine.
Petrol isn’t exactly escaping the drama either, with the average price reaching 174.13p per litre.
For drivers, that means filling up the car is becoming an increasingly expensive trip.
š What’s causing all this chaos?
Several global events are piling pressure onto fuel markets.
The war involving Iran has disrupted oil production and transportation across the region, while Russia’s continuing war in Ukraine has also affected energy markets.
The result?
Higher wholesale oil prices – and increasingly painful prices at the pump.
The RAC has warned that diesel prices have entered āuncharted territoryā, highlighting how exposed Britain is to international events it can’t directly control.
š· And then there’s the Budgetā¦
As if all of that wasn’t enough, another fuel-price issue is lurking in the background.
The government is preparing its Budget for 28 October, while the current fuel-duty freeze is scheduled to end later this year.
Under the existing plans, fuel duty is due to rise by 3p in January, followed by another 2p increase in March.
So British motorists could potentially be facing pressure from several directions at once.
š What happens if Trump actually says ābanā?
That’s the million-pound – or perhaps billion-pound – question.
A US diesel export ban could reduce the amount of fuel available to international buyers, potentially putting further upward pressure on global prices.
The UK government is therefore trying to stay ahead of the situation by talking to Washington and examining its own fuel reserves.
But for now, the exact shape and timing of any American restrictions remain uncertain.
š„ One thing is clearā¦
Britain’s diesel problem has suddenly become much bigger than Britain’s diesel problem.
With Trump considering restrictions on US exports, the UK relying heavily on American diesel supplies and fuel prices already at record levels, Westminster is watching Washington very, very carefully.
And for British drivers?
The big question is painfully simple:
How much more is it going to cost to fill up? ā½š