According to the industry, the average price of a liter of diesel fuel has reached a new record high, indicating further financial pressure on both households and businesses amid a worsening cost of living crisis.

The AA automotive group said petrol costs are also now only 1 pension per liter than reaching its highest level when it showed the latest figures showing prices at levels last seen in March, before the chancellor took action to help reduce pump costs.

Experian Catalist data showed that the average price of diesel on Sunday was 180.29 pence.

That’s above the 179.9 retirees seen on the day of Risha Sunak’s spring statement, which cut the fuel tariff by 5 pence a liter per year.

Average pump prices reached 166.65 per liter of petrol over the weekend, just under 167.3 pence, which was spotted on 22 March.

The price of diesel is particularly important as it is the backbone of the UK economy, fuel for vans and trucks, even though it is the number one enemy in the fight against climate change.

While rising prices are contributing to inflationary pressures for motorists, it is erasing margins by increasing costs for businesses – costs that are then likely to be passed on in the supply chain.

Another automotive group, RAC, said the new diesel record reflects Britain’s actions to punish Russia for its war in Ukraine.

Fuel spokesman Simon Williams said: “Efforts to move away from Russian diesel imports have led to a cut in supplies and pushed up prices that retailers are paying for diesel.

“Although the wholesale price has fallen in the last few days, it is likely to be temporary, especially if the EU agrees to ban Russian oil imports.

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March: Fuel charges reduced by 5 pence per liter

“Unfortunately, drivers with diesel cars need to prepare for even more pain from pumps.

“If Mr Sunak had reduced VAT to 15%, as we urge him to do, instead of cutting duties by 5 pensions, diesel drivers would have been better off at about 2 pence per liter, or 1 pound for each full tank.

“At the same time, drivers still pay 27 pence of VAT on petrol and 29 pence on diesel, which is the same as before the spring statement.”

The RAC has made the request as the Chancellor is under increasing pressure to act more broadly in support of both consumers and businesses.

Mr Sunak opposes emergency budget demands, although the government has signaled that taxpayer assistance is on track to help with rising inflation bills.

The official rate may exceed 9% from the current level of 7% later this week, when the latest inflation figures reflect an unprecedented rise in energy prices in early April.

It is expected that higher prices for fuel and food compared to a year ago will also add to the calculation, which if implemented will be the highest in 40 years.

https://news.sky.com/story/cost-of-living-diesel-hits-new-record-high-and-petrol-is-not-far-behind-aa-warns-12614437

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