The Welsh Liberal Democrats have today warned that the skyrocketing cost of red diesel is pushing British farmers to the brink, threatening to send food prices spiralling even further in the midst of the cost of living crisis.

Following the Iran oil shock that has seen global crude prices surge, the cost of red diesel - the lifeblood of British agricultural machinery - has jumped by over 70% in recent weeks. New analysis from the ECIU suggests that the average UK farm now faces an additional £337 million in annual fuel costs, just as the critical spring planting season begins.

The Liberal Democrats are calling on the Chancellor to immediately implement the party’s Emergency Transport Package, which includes an immediate 10p per litre cut in fuel duty. This move would provide support for farmers and rural businesses, helping to stabilise food supply chains and protect household budgets.

As the farming cycle begins anew, farmers across the country are reporting red diesel prices as high as £1.30 per litre. The Liberal Democrats have warned that unless the Government acts, these costs will be passed directly to consumers at the checkout. Moreover, the cost of fertiliser has ballooned further, piling stress and worry onto the UK’s farmers.

The party is also calling for a Good Food Bill in the upcoming King's Speech that would legally require the Government to prioritise food security, ensuring Britain becomes more self-sufficient in the face of global unrest and give British farmers the certainty they need to invest in food production.

Commenting, Welsh Liberal Democrat Westminster Spokesperson, David Chadwick MP said: "Welsh farmers are being hammered by a double whammy of international instability and Government indifference. From the tractor to the high street, everyone is feeling the consequences of this oil shock.

"The Chancellor cannot stand idly by while our food security is at risk. We are calling for an emergency 10p cut in fuel duty to keep Britain moving and back the farmers who put food on our tables.

“This Government has proven time and again that they simply do not understand farmers. We are in a fuel crisis that affects everyone across the country and what’s Labour’s answer? To look the other way.”