The cost of filling up the car with diesel or petrol has peaked, despite the recent fuel duty cut.
RAC reported the price of a litre of diesel in the UK is now 178.4p, which is higher than the previous peak (177.5p) on March 21st. This was just two days before Chancellor of the Exchequer Rishi Sunak lowered fuel duty by 5p a litre, taking it to 52.95p.
Similarly, petrol prices are now 163.7p per litre, just marginally below their high of 165.4p in March.
Director of the RAC Foundation Steve Gooding stated: “As we feared, it didn’t take long for the 5p reprieve to be swallowed up by global events which are driving pump prices back towards record levels.”
While Mr Gooding believed Mr Sunak cannot be held responsible for the rising cost of oil, it was added: “He should go further in cutting the rate of duty.”
According to the organisation, it typically costs £98 a week to fill a 55-litre tank with diesel, and £90 with petrol.
Petrol Retailers Association’s executive director Gordon Balmer defended forecourts for not lowering their prices further, with BBC News reporting him as saying: “5p per litre did not represent a substantial enough cut to ease the burden of rising prices on motorists.”
Oil prices have risen since then, which Mr Balmer stated, “effectively cancelled out the reduction”.
In addition to this, he noted that sales volumes of fuel are still lower than they were before the pandemic, as fewer people are commuting to work or travelling around than they were prior to 2020.
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