Diesel pump price hits two-year high
The average price of diesel has hit its highest level in more than two years.
Latest RAC Foundation Figures for last Friday (20 January) show UK motorists were paying an average of 122.1 pence per litre for diesel – the highest since December 2014.
Petrol pump prices were 119.7 pence per litre on the same day.
The rise follows a 20% uplift in pump prices over the last year.
RAC Foundation director Steve Gooding said: “Fuel prices have been rising steadily on the back of a doubling of the cost of crude oil over the past year, caused in large part by the collapse in value of sterling against the dollar.
“For drivers this means the cost of filling up with petrol has risen around £10 a tank in just 12 months and £12 a tank for diesel.
“Things could have been worse still. The relatively mild winter across much of Europe has depressed demand for heating oil which is closely related to diesel. That’s why the wholesale price of diesel is currently about the same as petrol.”
Wholesale prices have levelled off in recent weeks, leading to hopes there will soon be some respite for drivers.
Gooding added: “The biggest influence on pump prices remains the Chancellor. Despite the continued fuel duty freeze, he still takes two-thirds of the pump price in tax.”
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