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Fuel Prices Reach A New Record In The UK

The latest figures from RAC Fuel Watch have revealed that fuel prices have now reached a record high in the UK…

Record Fuel Prices

Data from RAC Fuel Watch has revealed that fuel prices rose higher in March than in any previous month on record. The soaring prices have come about in spite of Chancellor Rishi Sunak’s decision to introduce a 5p per litre cut in fuel duty in his Spring Statement.

As it stands, motorists are now paying £22 more to fill a typical petrol car than they were a year ago. The situation is even worse for diesel owners, as they’re paying an extra £28.

Prices peaked at 167.3p per litre of petrol on March 22nd. The average throughout the month sat at 163.3p. The increase of 11.62p was the largest jump ever recorded in a single month by the RAC. The average price of a litre of diesel rose by 22.06p. A high of 179.9p was recorded on March 23rd. Overall, petrol drivers and diesel drivers are paying 32% and 40% more than they were twelve months ago.

Worst Month Ever? 

Simon Williams, the RAC’s fuel spokesman, commented on the record prices. He said, “March 2022 will go down in the history books as one of the worst months ever when it comes to pump prices – over the 22 years we have been monitoring pump prices as part of our Fuel Watch initiative we’ve never witnessed such extreme rises in prices over such a short period. To describe the current situation facing drivers at the forecourt as ‘bleak’ is therefore something of an understatement”.

He continued, “the fact pump prices have fallen so little reflects the fact that the cost to retailers of buying fuel had been going up ahead of the Spring Statement. Had the Chancellor temporarily cut VAT rather than fuel duty on fuel, as we asked him to do, the impact on pump prices would have been immediate, with drivers benefiting straight away. Cutting VAT would also have gone some way towards shielding drivers from future increases – something a cut in duty just can’t do”.

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