Experts warn that diesel sales might be limited as soon as next month, citing fears of a fuel shortage as the UK phase out Russian oil imports.
Although the UK produces most of its own fuel, half of the country’s diesel is imported, with Russia accounting for a third of these imports.
MPs have warned that an economic shock worse than the 1973 oil crisis is on the horizon for the UK as global energy costs rise, putting additional strain on already stressed British households.
The Mail Online reports: Prime Minister Boris Johnson has promised to gradually remove imports of Russian oil by the end of this year, but finding alternate sources depends on agreements with the Middle East, The Sunday Times reports.
There is speculation the Prime Minister could travel to Saudi Arabia in the coming days for a meeting with Mohammed bin Salman, in order to help keep oil prices down.
Some analysts have concluded there is a real risk diesel may have to be rationed, with 12 million diesel cars on the road although sales are on the decline.
A spokesman from the Energy Aspects consultancy said: ‘Risks of energy rationing and ultimately a recession are growing by the day – something most policymakers seem to be ignoring or not grasping right now.
‘If Russian oil is not integrated back into the market within the next few weeks, we are at a real risk of having to ration crude and products by the summer.’
By Friday, its assessment had become even more urgent, with the warning diesel rationing could begin as soon as April.
It is understood these shortages would cause an even bigger impact that those of September last year, when petrol stations ran dry as the government claimed the problem was down to panic buying.
The UK receives just 4 per cent of its gas from Russia, making its dependency less than vulnerable other European nations – where as a whole, 40 per cent of gas comes from Russia.
To counter this, President Biden has even proposed sending heat pumps to Europe in order to take away Russia’s influence.
Analysts say the biggest issue is the price. Because the UK part of a global market, any sudden changes to price hit the country. Wholesale prices skyrocketed when when Russia invaded Ukraine, leaping to 800p per therm on March 6 from just 45p at the same time last year.
For drivers, the cost of a tank of diesel for a Ford Focus hit £85 this week — up £1.50 in 24 hours – and a tank of unleaded is £81.01, and both could hit £90 this month.
A large family car will now cost over £100 to fill up and a 4×4 Land Rover would take up around £165 per tank.
Saudi Arabia’s crown prince Mohammed bin Salman is said to have snubbed a request from Joe Biden to have a call on the issue of oil supply, as the West tries to wean itself off Russian fossil fuels.
