Home Business NewsBusinessAutomotive News Ukraine war pushes diesel prices to new record levels ‘despite the Chancellor’s 5p a litre duty cut’

Ukraine war pushes diesel prices to new record levels ‘despite the Chancellor’s 5p a litre duty cut’

by LLB Finance Reporter
16th May 22 4:28 pm

New figures show that diesel prices have now hit a new record high of more than 180p which has been caused because of in an increase in wholesale prices which has been created by efforts to reduce the importation of Russian diesel.

On Sunday the average price per litre was 180.3p per litre according to data firm Experian Catalist, beating the previous record of 179.9p on 23 March.

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Since the Russian invasion into Ukraine no 24 February prices have soared and on 1 February the average price was 150.0p.

RAC fuel spokesperson Simon Williams said, “Sadly, despite the Chancellor’s 5p a litre duty cut, the average price of a litre of diesel has hit a new record high at 180.29p.

“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.”

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