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Cost of diesel hits new record high

Date: 16 May 2022   |   Author: Sean Keywood

The average price of diesel at UK filling stations has reached a new record high, according to the latest date from the RAC.

The motoring organisation reported an average price of 180.29p per litre - and it has warned this is still likely to increase further.

RAC 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 called 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 RAC has also reported a rise in the average price of petrol, which at 166.65p per litre is now less than a penny away from the current record of 167.30p, set on 22 March this year.