Since mid-2014, the industry benchmark for wholesale diesel prices, ULSD10, has fallen by nearly 70% from around 50p per litre to a low of barely 15p per litre in January this year. The fall was so significant that there was even speculation that the Chancellor may look to cash in by increasing fuel duty to above the current rate of 57.95p per litre. Fortunately for motorists this never eventuated, however prices have since rebounded significantly in 2016 by nearly 10p per litre in less than four months - just in time for the busy summer driving season.

A report by Mike Baker, Clydesdale Bank & speaker at IOC Heads of Industry event.