Petrol and diesel prices have reached record highs, according to new figures. The news came as the cost of living rate in the UK soared to a 40-year-high of nine per cent.
Statistics from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 167.6p. The previous record of 167.3p was set on March 22, the day before a 5p cut in fuel duty was implemented.
Diesel prices continue to climb to new highs, reaching an average of 180.9p per litre on Tuesday. That was the same day Business Secretary Kwasi Kwarteng wrote to fuel retailers “to remind them of their responsibilities” following claims retailers hiked profits following the reduction in duty.
RAC analysis found retailers’ average profit margins for a litre of petrol and diesel are currently 11p and 8p respectively. In the month up to the duty cut it was 9p for petrol and 6p for diesel.
RAC fuel spokesman Simon Williams said: “While the average price of both petrol and diesel would have been far higher without the historic duty cut, it’s also unfortunately the case that drivers haven’t seen the full benefit at the pumps due to major retailers upping their margins.”
He added that drivers are “feeling never-before-seen pain at the pumps”, which is “contributing to the worsening cost-of-living crisis”.
