Diesel prices hit new high of 180.29 pence a liter Car News

Diesel prices hit a record high of 180.29 pence per litre, according to data firm Experian Catalist.

The new record is up from 179.9p recorded on Spring Government Declaration Day on March 22, when Chancellor Rishi Sunak announced a cut in fuel duty of 5p per liter for a year.

Petrol prices, meanwhile, have risen 3p per liter since early May to 166.65p, slightly below 167.3p March 22 number.

Prices initially hit record highs due to Russia’s invasion of Ukraine. The RAC said prices were rising again due to increased efforts to stop oil and fuel imports from Russiawhich compresses supply.

“Unfortunately, despite the Chancellor’s 5p per liter tariff reduction, the average price of a liter of diesel has hit a new record high of 180.29p, says RAC Fuel spokesman Simon Williams. Efforts to move away from importing Russian diesel have led to tighter supply and pushed up the price retailers pay for diesel.

If the EU banned imports of Russian oil completely.

“Although the wholesale price has fallen in recent days, this is likely to be temporary, especially if the EU agrees to ban imports of Russian oil,” said Williams.

“Unfortunately, drivers of diesel vehicles have to be prepared for even more pain at the pump. If Mr Sunak had reduced VAT to 15%, as we asked him to do instead of reducing duty by 5p, drivers of diesel vehicles would be better off by around 2 pence per litre, or £1 for each full tank.

“As it stands, drivers are still paying 27p VAT on petrol and 29p on diesel, which is exactly the same as before the spring declaration.”

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This notice was published: 2022-05-16 13:08:42

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