{"text":[[{"start":9.4,"text":"Average diesel prices in Britain are predicted to breach £2 a litre for the first time ever, pushed up by the threat of a US ban on the fuel’s export as well as disruption to supplies from the Middle East and Russia."}],[{"start":23,"text":"Average UK-wide prices reached a record nominal high of 199.53 pence a litre on Tuesday and are set to climb above 200 pence per litre within the next few days, according to the RAC motoring group."}],[{"start":37.16,"text":"They previously reached 199.09 pence a litre in June 2022 following Russia’s invasion of Ukraine in February that year, although adjusted for inflation that figure would be around 229.41 pence a litre today."}],[{"start":52.56,"text":"Britain imports about 55 per cent of its road diesel owing to insufficient domestic refining capacity, and has had to cope with a double shock to global diesel markets owing to the Iran and Ukraine wars, with the Strait of Hormuz restricted and Russia curbing exports."}],[{"start":68.96,"text":"Global markets have had to rely more heavily on the US, from where Britain received about one quarter of its direct diesel imports in the three months to July, but US President Donald Trump has said he is now “very seriously” considering export restrictions to bring down prices for consumers in the country."}],[{"start":85.82,"text":"UK energy secretary Miatta Fahnbulleh said on Tuesday that she was “confident” the UK would find a solution to the proposed diesel export ban."}],[{"start":93.92,"text":"Asked at Labour conference if the UK was preparing any contingency plans in case of a ban, Fahnbulleh said she was “in close contact with my counterpart in the US”, adding, “I’m confident we’ll find a way through”."}],[{"start":105.36,"text":"Gordon Balmer, executive director at the Petrol Retailers Association (PRA), which represents about 65 per cent of UK forecourts, said prices were likely to rise even further if the ban went ahead as countries competed for tighter supplies, but dismissed “speculation” about possible shortages."}],[{"start":122.12,"text":"“I think you would get product but you would have to pay top dollar for it,” he said. “How much? That’s the $64,000 question.” He said fuel retailers were already taking a hit to margins as they tried to absorb wholesale price increases and avoid breaching the £2 mark."}],[{"start":139.56,"text":"“That’s a psychological price point,” he said."}],[{"start":143.04,"text":"EdgePetrol, which monitors petrol and diesel inventories across more than 1,000 UK retailers every day, said its data showed forecourt operators were “actively building resilience” by holding more stocks in their underground tanks."}],[{"start":156.92,"text":"“On-site tank utilisation for diesel has increased by 13 per cent since July, with the average tank currently sitting at more than 50 per cent capacity,” it told the FT."}],[{"start":167.84,"text":"The Road Haulage Association (RHA) said road transport companies were paying £300 more a week per vehicle compared with the start of February, warning the costs were “unsustainable” for hauliers running large fleets."}],[{"start":180.44,"text":"“When the cost of moving goods goes up, prices follow. Where transport firms can’t pass it on, they struggle. Some go under, with hundreds of haulage businesses sadly already going to the wall this year,” said Richard Smith, managing director of the group."}],[{"start":195.68,"text":"Both the PRA and the RHA are calling on the government not to push ahead with planned fuel duty increases."}],[{"start":201.92,"text":"The government’s Department for Energy Security and Net Zero said: “We have a diverse and resilient supply. We continue to engage with our international partners and the UK fuel industry.”"}],[{"start":218.48,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790733779_4330.mp3"}