Some filling stations are charging £1.30 for a litre of diesel
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Police have urged people with domestic oil supplies to step up security after a spate of thefts in Cornwall.
The warning was issued after thieves struck at a number of farms and rural properties in Camelford and Torpoint.
The thefts have involved both domestic heating oil and red diesel from properties and farms.
"Owners are urged to check tanks and review security by locking tanks if possible," a spokesman for Devon and Cornwall Police said.
In the most recent incident, about 800 litres of heating oil was stolen from a property in the Torpoint area of east Cornwall.
Dip samples
Police believe it is likely thieves are stealing the fuel to sell on and using the rising fuel prices to make more money illegally.
Red diesel is taxed at a lower rate than normal diesel and is only for use in agricultural vehicles.
It is marked with a red dye to make it more identifiable.
Anyone buying suspect fuel would be committing a crime.
"You would be receiving stolen property and you will be prosecuted," the police spokesman told BBC News.
Red diesel is taxed at a lower rate for agricultural vehicles
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He said that drivers attempting to use red diesel in their vehicles could be subject to roadside dip samples, either by police or Customs and Excise officers.
Ian Johnson from the National Farmers Union said he was not surprised at the thefts given the current price of the products.
"We must always be vigilant about the possibility of theft - the last thing farmers want is to have their fuel pinched," he said.
Some filling stations in Devon and Cornwall are charging almost £1.30 for a litre of diesel.
Police issued the warning on the same day two major oil companies announced their profits for the first three months of the year.
Shell made £3.9bn, while BP announced profits of £3.3bn.
The Automobile Association has said the profits would shock people who were struggling to cope with rising fuel prices.
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