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New record high diesel price reported by RAC
Date: Thursday, March 3, 2022 | Author: Sean Keywood
The average price of both diesel and petrol at UK filling stations increased rapidly during February, according to the RAC.
The motoring organisation said the price of diesel rose by 4.76p per litre during the month, to finish at a new record high of 154.75p. The rise in diesel prices was the second-biggest monthly increase on record.
Meanwhile, the average price of petrol increased by 4.5p per litre during the month, to finish February at 151.16p, just slightly down from a new record high of 151.25p on 27 February.
The RAC attributed the rising prices entirely to the soaring cost of oil, up by $10 a barrel during February.
RAC spokesman Simon Williams said: “Motorists are having to endure successive months of rising prices and, sadly, it doesn’t look as though February will be the last.
"While prices were rising due to oil production not being able to keep up with demand as life becomes more normal again, Russia’s invasion of Ukraine caused the barrel price to shoot past the $100 a barrel mark for the first time in nearly eight years, making wholesale fuel far more expensive.
“The RAC is now calling on the Treasury to look at an emergency, temporary cut in the VAT rate levied on fuel to ease some of the pain drivers are facing and to better protect them from upcoming rises.”
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