Diesel prices surge to record high

Diesel prices surge to record high

Diesel prices have hit a new record high as the Chancellor’s 5p cut to fuel duty fails to stop carnage in global markets from hitting drivers in the pocket. The price of a litre jumped to 180.29p this weekend, according to the RAC, which warned the cost of refilling the tank is likely to rise further. It means a motorist filling up with 55 litres can expect to pay just over £99 at the pump. Petrol currently costs 166.65 per litre, a rise of 3pc this month and close to its all-time high of 167.3p from late March. Simon Williams at RAC said diesel’s continued surge is in part due to the significance of Russia in the supply chain for the fuel. “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,” he