The price of a litre of diesel at the pumps hit a new record over the weekend, wiping out the fuel duty cut in the Spring Statement. 

The RAC has warned drivers with diesel vehicles to brace themselves for yet more pain at the pumps

Diesel hit a new record high of 180.29p yesterday (15 May 2022) – up from the previous high of 179.90p set on 23 March 2022 as fuel prices continue to set new highs in quick succcession. 

The rise was due to efforts to move away from importing diesel from Russia on the back of its invasion of the Ukraine, leading to a tightening of supply and pushing up the price retailers pay for diesel. 

And while the wholesale price has eased in the last few days, the RAC added that this is likely to be temporary – especially if the EU agrees to ban imports of Russian oil – and has warned drivers with diesel vehicles to brace themselves for yet more pain at the pumps. 

Petrol prices are also closing to setting a new record. The average price per litre has already gone up nearly 3p since the start of the month and now stands at 166.65p, which means it’s less than a penny away from the all-time high of 167.30p set on 22 March. 

The RAC added that rising fuel prices had already wiped out the gains from the fuel duty cut in the Spring Statement. 

Fuel spokesperson Simon Williams said: “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.”