00:00Britain's diesel price has broken its previous record, with the RAC warning that the real
00:06question is how far above £2 a litre it could go. That has particular significance for Leeds
00:14and South Yorkshire, one of the country's major freight and distribution areas. The M1, M62 and
00:21M18 connect warehouses, manufacturers and retailers with markets across Britain, while Doncaster is
00:28home to one of the UK's biggest logistic hubs. Every extra rise in diesel increases the costs of
00:35running the lorries and vans carrying those goods. Hauliers can absorb only so much before higher
00:41bills feed into delivery charges and business costs. Those increases can then reach customers,
00:48so record diesel prices here could ultimately mean higher prices for manufactured goods,
00:54deliveries and everyday services across the region. There can be no doubt that the the
01:00fact that the fuel prices are going up is primarily due to the situation caused by Donald Trump and
01:06Benjamin Netanyahu in Iran. Quite clearly once you have a conflict such as that and the fact
01:12that the Straits of Hormuz, where a lot of they all move through, it's bound to create a supply
01:17side problem. Now there is no end in sight, so we expect them to go up. We've also got the
01:22added
01:23complication that diesel has gone up fairly dramatically in recent times, caused by the
01:28fact that refining processes, which of course diesel being another sub-product of oil, have been
01:33closed down as a result of the conflict and also allows that the fact that Donald Trump has decreed that
01:39there should be a ban to exports from America or the United States to the rest of the world. So
01:45of
01:46making the black stuff or the derivatives of such to be quite a precious commodity.
01:52Do I see any end to this? Well, Trump has promised the end of the conflict on an
01:57occasion, so we can't put much faith in that. We've got the midterms going up, maybe of course that
02:01might give him cause to think if the consequences of that are he's voted out of the two houses
02:07where the elections have been held. Do I see any sort of upside? I think it's important to recognize,
02:12of course, as fuel prices go up, we use less of it, so people become more careful
02:16than they use. But also, of course, in the short to medium term, no, but I think in the longer
02:20term,
02:20it will sort of underpin the transition to net zero. But of course, quite clearly,
02:26the last thing that the government probably would want is ever to go out and buy electric
02:29cars because, of course, we don't have the capacity. And besides, of course, electricity prices are also
02:33going up. So that's part of the problem. So all in all, it demonstrates the problem that when we're
02:39dependent upon something that comes from oil, we have to pay the price when it becomes in short supply.
02:43Well, there is no firm forecast for where diesel prices will peak. But while global supply remains
02:52tight, households and businesses could keep paying more through fuel, goods and services.
02:59So I'd like to see what we can do with the $100,000.
02:59So I'd like to see how solid the prices apply, moving forward
02:59to the $500,000 in half of the season.
02:59And as soon as I case this, I think we can always be on the same basis.
02:59Let's do this.
