Diesel prices have reached a new record high, removing the Chancellor’s reduction in fuel duties, according to the latest figures.

The average cost of a liter of fuel at the pump on Monday reached 178.4 pence, according to government data.

The previous high of 177.5 pence had been set two days earlier Rishi Sunak March 23 introduced 5 retirees per liter.

This means that refueling a typical 55-liter family diesel car costs about 26 pounds more than a year ago.

Gasoline prices also almost returned to the level that was before the reduction of duties.

The average price of fuel on Monday was 163.7 pence per liter against 165.4 pence on March 21.

This comes amid growing pressure on the government to do more on the issue cost of living crisis.

The work is encouraging unexpected tax about the rapid profits of the oil and gas giants as customer accounts grow – a move that is not ruled out by Mr. Sunak and Boris Johnson.

Steve Gooding, director of the RAC Foundation, said: “As we feared, it didn’t take long for the 5 pence deferral to be absorbed by global developments, bringing pump prices back to record levels.

“The chancellor cannot be blamed for the high price of oil, but he could and should go further in lowering the duty rate.

“Although all attention is focused on the price of a barrel of Brent oil, the Chancellor continues to calmly tax only less than 50% of all that drivers pay on the farm.

“There has been a lot of criticism of the surplus profits that companies like BP and Shell receive, but let’s not forget that record oil prices also bring the Treasury extra revenue in the form of VAT, which is levied not only on the product. the price of gasoline and diesel fuel, but also an element of duty.

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The sunset is about “troubled times” for the economy

Shadow Labor Secretary of State Louise Hay said: “Working people are facing a cost-of-living crisis, and the Conservatives have literally nothing to offer.

“The Labor plan will help families survive this crisis by cutting up to £ 600 on electricity bills funded by a one-off tax on the oil and gas giants that lead working people to the petrol pump.

“The Conservative government must form an emergency budget to address the cost of living crisis – and support Labor’s call for money back in the pockets of working people.”

Bernard Looney, CEO of BP, said that his company’s investment plans will not be affected by any tax on unexpected income.

On Thursday, he said at the company’s general meeting: “Our plans of 18 billion do not depend on whether or not there will be a tax on windfall revenues.”

But he added: “By definition, surplus taxes are unpredictable – and therefore challenge investment in domestic energy … We would like to invest even more – and one of the key foundations of any such decision will be a stable fiscal environment.”

https://news.sky.com/story/cost-of-living-fuel-duty-cut-wiped-out-at-diesel-price-hits-new-record-high-12611965

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