Oil prices rise 2% as 'China suspends fuel exports'
Chinese refiners suspended exports of oil products to regions beyond Hong Kong and Macau for the foreseeable future
Oil prices have risen by 2% on Thursday after China suspended exports of oil, marking a danger for already squeezed fuel markets facing global shortages amid the ongoing US-Israeli war with Iran.
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Chinese refiners suspended exports of oil products to regions beyond Hong Kong and Macau for the foreseeable future, according to Reuters.
Trump’s government has already instructed Germany and France to pull from emergency diesel supplies to alleviate the impact of war-related restrictions on global prices, or face a potential US diesel export ban.
This comes as the price of diesel hit a record high due to the ongoing Iran war, and British owners are reportedly paying an extra £400 per year.
The average price of a litre of diesel in the UK has hit its highest-ever record of 199.18p, it was reported last week, and could climb well beyond the £2 threshold.
Read more: Oil and gas prices climb after Saudi Arabia closes east-west pipeline
In response, the government has stressed the "diversity and resilience" of its diesel supply and has also denied reports of a 50mph speed limit to cut use or that it was rationing fuel.
A spokesman told LBC: “We have a diverse and resilient supply. We continue to engage with our international partners and the UK fuel industry.”
A survey by WhatCar this week found that an 8,000-mile-per-year use of a car would result in an extra £400 being spent by diesel car drivers. However, even with diesel costing more than ever, it is still possible to save money.
How to save money on diesel
Driving at 40- 50 mph
The RAC has found that driving at 40- 50 mph is the most fuel-efficient speed to be at.
Switch off air conditioning
Blasting air-con can feel nice, but the AA has found that consistent use can also increase fuel consumption by 10%.
Extra weight uses up fuel
Carrying more items than you need within the car can also cause it to use more fuel, as the engine is put under more pressure to reach the same speeds.
One item that can quite easily go to make a saving is an unused roof rack, which can additionally make a car less aerodynamic.
Tyre pressures can make savings
Keeping tyres at their correct pressure can be another way to save. You can find out what pressure to maintain your car's tyres at in the service manual.
Speed up and slow down gradually
Acceleration is where fuel is used most quickly, and savings can be made if you speed up and slow down more gradually.