By Anna Ellis • 26 March 2023 • 14:23
UK diesel drivers see no benefit from lower fuel duty rate. Image: r.classen / Shutterstock.com
UK Diesel drivers – including almost everyone who runs a van for a small business – are continuing to suffer from inflated prices at fuel pumps up and down the country and are seeing no benefit from plummeting lower wholesale costs, despite the Chancellor continuing the fuel duty freeze in the latest Budget, the RAC is warning.
Despite both crude oil and wholesale diesel costs (the prices retailers pay for the fuel) reaching their lowest points in 15 months, major retailers are still refusing to cut pump prices in any meaningful way.
Looking at the last four weeks alone, wholesale prices have come down another 10p yet this has yielded just a 3p cut at the pumps (168.85p to 165.89p on March 22).
What’s more, the gap between the wholesale cost of petrol and diesel has been narrowing for many weeks and is currently just over 1.5p. Despite this, the difference drivers pay at the pumps remains stubbornly high at around 19p a litre.
RAC Fuel Watchfigures show that retailers are today taking an average margin of nearly 19p for every litre of diesel they sell.
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Originally from the UK, Anna is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at email@example.com.
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