Diesel prices hit a new record

Average diesel prices have reached a record high at the pumps - with Experian Catalist figures showing 180.29ppl for Sunday, May 15.

The previous high of 179.90ppl was recorded on March 23 – the day of the Spring Statement.

RAC fuel spokesperson Simon Williams said: “Sadly, despite the Chancellor’s 5ppl duty cut, the average price of a litre of diesel has hit a new record high at 180.29ppl. 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 2ppl 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 3ppl since the start of the month to 166.65ppl which means it’s less than a penny away from the all-time high of 167.30ppl set on March 22.”

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.