Diesel fuel prices hit new record high as UK moves away from importing Russian oil
Less than two months after Chancellor Rishi Sunak announced a 5p a litre cut on the average price of fuel – diesel prices have reached a record high price of 180.29p a litre.
The previous high of 179.90p was recorded on March 23rd 2022 – the day of the Spring Statement from Sunak.
In recent weeks, the UK government has tried to move away from its reliance on importing Russian oil, following President Putin’s invasion of Ukraine.
Worryingly for drivers of petrol cars, the price per litre is fast approaching the record levels of 167.3p per litre set on March 22nd.
This latest price rise adds another challenge to UK households, as the cost of living crisis continues to impact families across the country.
To keep up to date with the latest diesel and petrol prices – keep up to date with RAC Fuel Watch.
- RAC Fuel Watch – latest diesel and petrol prices
- How to save fuel – the ultimate guide
- What affects the price of fuel?
RAC fuel spokesperson Simon Williams said: “Sadly, despite the Chancellor’s 5p a litre duty cut the average price of a litre of diesel has hit a new record high at 180.29p. Efforts to move away from importing Russian diesel have led to a tightening of supply and pushed up the price retailers pay for diesel. While the wholesale price has eased in the last few days this is likely to be temporary, especially if the EU agrees to ban imports of Russian oil.
“Unfortunately, drivers with diesel vehicles need to brace themselves for yet more pain at the pumps. Had Mr Sunak reduced VAT to 15% as we call on him to do instead of cutting duty by 5p, drivers of diesel vehicles would be around 2p a litre better off, or £1 for every full tank. As it is, drivers are still paying 27p VAT on petrol and 29p on diesel, which is just the same as before the Spring Statement.
“The average price of petrol is also on the rise having gone up nearly 3p a litre since the start of the month to 166.65p which means it’s less than a penny away from the all-time high of 167.30p set on 22 March.”
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