Prices for agricultural diesel soared to 116p/l litre this week, a total rise of 10p to 12p/l from quotes provided at the outset of June.

Last week, most prices for red diesel were typically 101p to 104p/l. However, price quotes on an order of 2,250 litres are now in the region of 115p to 116p/l.

Frustration

The latest price rise is creating frustration among farmers as fuel consumption moves to peak levels, with silage season and other field work in full swing.

Crude oil prices reached an eight year high on Wednesday of US $122 per barrel.

Markets were reacting to fears of further sanctions being placed on Russian oil, and the decision by oil producing countries not to increase their output in an effort to offset such moves.