Petrol and Diesel Prices Dip But Diesel Drivers Still Ripped Off
February brought a slight breather at the pumps. Petrol prices dipped by 1.26p to 147.72p per litre, while diesel dropped 3.19p to 167.19p. Filling a 55-litre family car now costs £81.25 for petrol, down 69p, and £91.95 for diesel, down nearly £1.80 from the start of the month.
Diesel Still Far More Expensive Than It Should Be
However, UK diesel drivers are still paying through the nose. The RAC reveals wholesale prices for diesel and petrol hovered just 6p apart all February. Yet, the pump price gap is a whopping 20p. Diesel motorists are shelling out about £7 more per tank than necessary, with fair diesel pricing pegged near 155p a litre.
Fuel Duty Hike Looms, Threatening Price Surge
Drivers face a nasty “pump price shock” in less than two weeks unless the Chancellor scraps the 5p fuel duty cut. The planned rise at the Spring Budget on 15 March would push petrol to 153.72p and diesel to 173.19p per litre, with VAT.
Currently, petrol prices are slightly lower than this time last year, but diesel is up sharply despite wholesale prices remaining steady. At February’s end:
- Petrol: 147.72p now vs. 151.16p last year
- Diesel: 167.19p now vs. 154.75p last year
- Wholesale diesel: around 120p now vs. 123p last year
RAC Warns Against Removing Fuel Duty Cut
Simon Williams, RAC fuel spokesman, said:
“Normally, falling pump prices would be a relief – especially during this cost-of-living crisis. Petrol drivers are paying fair prices but diesel motorists are getting a raw deal.
“Retailers need to cut diesel prices now. There’s no justification for keeping diesel pumps so high when wholesale prices are almost the same as last year.
“With the Spring Budget looming, all eyes are on the Chancellor. While the 5p fuel duty cut must end eventually, increasing it now would be brutal for households and businesses already under strain.
“Raising duty by 5p would push diesel duty in the UK to the highest in Europe, risking damage to inflation and the wider economy.
“We hope Mr Hunt doesn’t become the first Chancellor in 12 years to let the fuel duty rise go ahead. The fallout could be severe.”
