The Chancellor of the Exchequer may have cut fuel duty but that didn’t stop pump prices rising by record levels last month.
The cost of petrol rose by an average of 11 pence per litre in March according to the latest data published by Experian. For those unfortunate enough to own a diesel engine the news was even worse, with a rise of 22 pence per litre, up to an average of 177.3p.
The shocking rises were the biggest since records began according to the RAC, with the cost of filling the average 55-litre family car jumping to £89.80, which was £6.38 more expensive than it was at the start of March. Motorists in Northern Ireland saw the biggest jump, though they had benefited from lower petrol prices at the start of March, they saw a bump of 15.01p, while motorists in the South East are paying the most with a price of £1.63.93.
Unfortunately for motorists, Rishi Sunak’s emergency measures of cutting fuel duty by 5p per litre was nullified by the price of oil also jumping by $6 a barrel on the same day. So while some supermarkets cut their prices immediately, many more refused to pass on any savings to the consumer. The impact of the wholesale price rise was that petrol prices only fell by an average of 3.73p.
“Without question, these figures show in the starkest possible terms just how much fuel prices are contributing to the cost-of-living crisis which will be affecting households up and down the country,” said Simon Williams, fuel spokesman at the RAC.
“Drivers might well be feeling aggrieved that the Chancellor's 'historic' fuel duty cut announced in the spring statement just two weeks ago has done nothing to protect them from price increases.
“The fact pump prices have fallen so little reflects the fact that the cost to retailers of buying fuel had been going up ahead of the spring statement.
“Sadly this Easter, traditionally the biggest getaway time of the year on the roads, is shaping up to be the costliest on record for drivers and there's very little they can do to escape the high cost of filling up.”