Petrol and Diesel Prices Soar to Record Highs
Fuel prices have smashed records this March. Unleaded petrol hit a jaw-dropping 167.3p per litre on 22 March, while the average price raced up by 11.62p to finish the month at 163.28p. This is the biggest monthly increase ever recorded by the RAC, outstripping last October’s 7.43p jump.
Diesel prices didn’t just rise—they skyrocketed. The average diesel price surged by a staggering 22.06p per litre, peaking at 179.9p on 23 March, and settling at 177.29p at month’s end. This leap dwarfs the previous worst monthly rise of 8.43p back in May 2008.
Sky-High Costs Bite Harder on Motorists
The price hikes are a serious blow to drivers. Filling a typical 55-litre family petrol car now costs nearly £90 (£89.80)—that’s £6.38 more than at the start of March and a whopping £22 (32%) higher than a year ago. Diesel drivers are hit even worse, with tank fills up £12 in March alone, now costing £97.51. That’s about £15 more than in January and almost £28 (40%) more than a year back.
Why Are Prices Still Going Up Despite Duty Cuts?
The surge comes amid rising wholesale fuel costs linked to rocketing oil prices after Russia’s invasion of Ukraine. Brent crude climbed from $112.99 in early March to a 14-year high of $137.72 on 8 March before dropping to $109.98 by month’s end. These earlier spikes pushed pump prices higher before any relief could kick in.
Many drivers are scratching their heads, wondering why the Chancellor’s recent 5p fuel duty cut hasn’t eased the pain. The cut coincided with a $6 rise in oil prices on the same day, offsetting any benefits. Since the Spring Statement, petrol prices have fallen by a meagre 3.73p, and diesel only by 2.61p, far less than expected.
RAC Blasts ‘Bleak’ Fuel Crisis
RAC fuel spokesman Simon Williams said:
“March 2022 will go down in the history books as one of the worst months ever for pump prices. In 22 years monitoring fuel, we’ve never seen such brutal price rises in such a short space of time. Calling the current forecourt situation ‘bleak’ is an understatement.
“Fuel prices are hammering the cost-of-living crisis, hitting households across the UK hard. Many drivers rely on their cars with no real alternatives, so these skyrocketing prices are a blow—especially on low incomes.
“Drivers might feel let down by the Chancellor’s so-called historic 5p duty cut. In theory, it should have shaved about 6p off prices at the pumps, but that only holds if wholesale prices remain steady—which they rarely do. Prices barely dropped after the Spring Statement because retailers faced higher fuel costs already.
“Had VAT been cut instead of duty, the savings would have hit drivers’ wallets instantly—and helped shield them from future hikes. Sadly, this Easter, one of the busiest travel periods, looks set to be the most expensive on record for drivers, with little way to dodge the high fuel bills.
“Finding the cheapest pumps and driving efficiently are now the best ways to stretch every pound spent on fuel.”
