Petrol and Diesel Prices Smash Records in March – Drivers Stung Big Time at the Pumps
Biggest Petrol Price Hike Ever
March was a nightmare for UK drivers as unleaded petrol prices hit an all-time high. On Tuesday 22 March, petrol surged to a record 167.3p per litre. Over the whole month, the average price jumped by a whopping 11.62p to finish at 163.28p – the largest single-month increase the RAC has ever recorded. This tops last October’s previous record rise of 7.43p a litre.
Diesel Prices Skyrocket – Triple the Previous Spike
Diesel costs didn’t just rise – they blasted off. The average price shot up by 22.06p a litre, peaking at a staggering 179.9p on 23 March, closing the month at 177.29p. This increase dwarfs the previous worst monthly jump from May 2008, which was just 8.43p.
Filling Up Will Cost You More Than Ever
The daily price hikes have trashed drivers’ wallets. Filling a standard 55-litre petrol car now costs nearly £90 (£89.80) – up £6.38 since March began and £22 more than last year, a 32% increase.
Diesel drivers face an even bigger hit. A full tank shot up £12 during March, from £85.38 to £97.51, and is nearly £28 pricier than a year ago – a shocking 40% jump.
Why Prices Keep Climbing Despite Duty Cut
The fuel price surge stems from skyrocketing wholesale costs, pushed up by oil prices rocketing after Russia’s invasion of Ukraine. Oil hit $137.72 a barrel on 8 March – a 14-year high – before settling near $110 by month’s end. But that early spike was enough to push pump prices drastically up.
Many drivers are left scratching their heads over Chancellor Rishi Sunak’s 5p fuel duty cut, which so far hasn’t eased the pain. The cut hit just as oil jumped $6 a barrel, cancelling out most of the savings at the pump. In fact, petrol prices have dropped only 3.73p since the cut, and diesel just 2.61p.
RAC fuel spokesman Simon Williams said: “March 2022 will be remembered as one of the worst months for fuel prices in 22 years. We’ve never seen such brutal rises over such a short time. ‘Bleak’ barely describes what drivers are facing.
“Fuel costs are a massive driver of the current cost-of-living crisis, hitting households hard, especially those on lower incomes. Many rely on their cars daily with no alternatives, making this all the more painful.
“Drivers might feel let down by the Chancellor’s ‘historic’ 5p duty cut. It should have cut prices by about 6p per litre when factoring in VAT, but that assumes wholesale prices stay flat, which they didn’t. So far, petrol and diesel prices have barely budged.
“If the Government had cut VAT instead of duty, the impact would have been more immediate and shielded drivers better from future price shocks. Sadly, this Easter, traditionally the busiest driving time of year, looks to be the priciest ever at the pumps.
“Drivers can only try to save by hunting down the cheapest petrol stations and driving efficiently to stretch every penny spent on fuel.”
