Diesel prices in the UK have hit an all time high – here’s why

The average price of diesel has risen above £2 a litre in the UK for the first time, according to the RAC motoring group, with petrol also soaring to 174.71p a litre on average.

Price rises were “showing no signs of slowing, heaping more misery onto motorists,” the group said.

Separately on Friday, the G7 nations agreed to release 100 million barrels of oil to head off further increases.

The BBC’s Business Editor Simon Jack explains the rising prices in the UK – and how oil prices around the world affect the cost of petrol and diesel at the pump.