UK farmer fuel costs rise 10% due to Russia and Iran trade tension
Astronomical jumps in diesel prices across the UK have cost farmers between 10p and 14p a litre since Monday, driven by renewed fighting between the US and Iran plus expanded Russian export bans.
Farmers in the United Kingdom face an astronomical increase in fuel costs for vehicles and machinery after crude oil prices surged due to renewed fighting between the US and Iran. Russia extended a ban on diesel exports last week, pushing market prices even higher following intensified Middle East hostilities over the weekend. Alex Harrison, a fuel buyer at Fram Farmers, a not-for-profit farmer-owned co-operative representing more than 1,400 farm businesses across the UK, stated that fuel costs have risen by between 10p and 14p a litre since Monday. This represents approximately a 10% increase in red diesel prices, which currently cost about £1.10 a litre. The average price of diesel for UK motorists climbed to 183.5p a litre on Thursday, up from 164.5p in mid-July. Government data confirmed the volatility in oil wholesale markets has left growers struggling to decide how much fuel to buy and when. While harvest peak demand has passed, many growers traditionally purchase more fuel to prepare land for winter.
