Fuel prices hit a new high after the biggest single-day jump since 2000 Car News

According to data from the RAC, average UK diesel prices have been hit by the largest single-day rise on record.

Diesel went from 156.24 to 162.28 pence per liter between Monday 7th March and Tuesday 8th March. Petrol prices meanwhile rose from 156.37 to 158.2 pence a litre, while premium unleaded hit 169.93 pence a liter from 167.75.

Oil prices have been heavily impacted in recent weeks due to several factors, including Russia’s invasion of neighboring Ukraine. Russia currently supplies just 6% of the UK’s total oil imports and is the world’s third largest oil exporter.

“Average fuel prices hit new highs again on Tuesday, with diesel jumping 3p a liter in a single day to 165.24 pa litre, while petrol rose 2p to 158.20 pence The daily increase in diesel was the largest on record since 2000,” said Simon Williams, fuel spokesman for the RAC.

Williams says the average cost of refueling a petrol family car is now £87, an increase of £7 from the start of the year. Diesel drivers are now spending around £90 on average for the first time, up £8 from early January.

Wholesale prices could rise further and RAC believes costs could continue to be passed on to consumers. Further price increases with costs expected to quickly reach 170 pence per litre.

“Wholesale fuel prices have already risen dramatically this week, so further pump price increases in the coming days are inevitable. Petrol is now certain to top an average of £1.60 a liter this week, while diesel will move very quickly towards £1.70,” Williams said.

The company said it would continue to push the government to reduce VAT to at least 15%.

“As it stands, 26p a liter of what drivers pay on the forecourt is attributable to VAT, and that’s on top of 58p a liter on fuel.