The UK is preparing for a possible diesel export ban after Donald Trump said the US was thinking about it “very seriously.” John Healey said the UK is in talks with US authorities and is readying its own stocks in the UK.
The pressure is immediate. UK diesel hit 199.18p a litre on Monday, above the previous high of 191.5p a litre in June 2022, while petrol stood at 174.13p a litre.
John Healey and US talks
Healey said, “We work very closely with the Americans.” He added, “We’re also making the provision that we may need to and we have our own stocks in the UK.” Speaking on the sidelines of the annual Labour Party Conference in Liverpool, Healey also said, “In the end, we’re also working with the Americans where we can try and put in place what will solve this, or at least significantly ease it, which would be a diplomatic settlement [and] an end to the fighting with Iran.”
The UK depends on the US for around a third of its diesel imports, so a stoppage would leave less imported fuel available to replace what households and businesses use every day. Healey also said, “Fundamentally, what we need is a settlement in the Middle East. We need an easing of the pressure of costs on business, the costs on households and on ordinary families that we see at the pumps in the most extreme level today for diesel.”
Donald Trump’s threat
Trump’s weekend warning is still only a threat, not a ban in force. That leaves the UK in a narrow window: talk to US authorities, hold stock at home, and plan around a market already at record diesel prices.
The RAC said diesel prices had entered “uncharted territory,” and the timing is sharper because a freeze on fuel duty first implemented in 2022 is due to expire at the end of the year. Fuel duty is scheduled to increase by 3p in January and a further 2p in March, adding more pressure if the US move goes ahead.
October Budget planning
Healey said he is preparing what he called a “breathing space” Budget on 28 October. For drivers, hauliers and households, that means the near-term focus is on whether the US keeps the threat as a warning or turns it into action, and on how much room the UK has to cushion the fuel market before more costs land at the pumps.
