Diesel looks a value deal as oil price soars

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A glut of diesel in Europe has brought the price of the fuel at the pumps in the UK down to near-parity with unleaded petrol.

With the recession hitting the number of diesel-guzzling lorries on the roads, the fuel's volumes have piled up, leading to prices rising at a far slower rate.

The difference at the pumps compared with unleaded petrol is now only averaging 1.57p a litre. A year ago a litre of diesel was more than 13p dearer.

A falling dollar today sent London Brent crude up $1.40 to $72.39, while New York crude rose $1.58, taking it through the $73 barrel level by 6 cents.

At one stage it was $73.38, its highest price since 21 October.

The weakening dollar increased the prices of all commodities traded in the US currency.

However, the oil price was also boosted after attacks by militants in Nigeria led to Shell closing one of its oilfields there.