Fleet News

Diesel hits record high as Ukraine war impacts supply

Forecourt fuel pumps

The average price of a litre of diesel has hit a new record high of 180.29p per litre (ppl) due to supply constraints as a result of the war in Ukraine.

The new high was hit yesterday (Sunday, May 15), beating the previous record price of 179.90ppl set on March 23.

RAC fuel spokesperson Simon Williams said: “Sadly, despite the Chancellor’s 5p a litre duty cut the average price of a litre of diesel has hit a new record high at 180.29p.”

Efforts to move away from importing Russian diesel have led to a tightening of supply and pushed up the price retailers pay for diesel, explained Williams.

“While the wholesale price has eased in the last few days this is likely to be temporary, especially if the EU agrees to ban imports of Russian oil,” he added.

“Unfortunately, drivers with diesel vehicles need to brace themselves for yet more pain at the pumps.

“Had Mr Sunak reduced VAT to 15% as we call on him to do instead of cutting duty by 5p, drivers of diesel vehicles would be around 2p a litre better off, or £1 for every full tank.

“As it is, drivers are still paying 27p VAT on petrol and 29p on diesel, which is just the same as before the Spring Statement.”

The average price of petrol is also on the rise having gone up nearly 3ppl since the start of the month to 166.65p which means it’s less than a penny away from the all-time high of 167.30p set on 22 March.

Fleet News has teamed up with Allstar to bring you the fuel prices locator, enabling you to compare fuel prices and find the cheapest petrol or diesel in your area.

Even one penny per litre can make all the difference when filling up your fleet vehicles, potentially saving your company thousands of pounds a year.

Average pence per litre and per gallon petrol and diesel fuel prices in the UK regions includes England, Scotland, Wales and Northern Ireland. To access the latest fuel prices, click here


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