Gap between diesel and petrol prices nears 25p per litre

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Tea

The additional cost of diesel compared to petrol has reached a new high of around 25 paise per litre.

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The latest government figures show that the average price of a liter of diesel is 188.9 paise.

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It is also 24.5p more expensive than petrol, which is 164.4p per litre.

An analysis by the PA news agency found this to be the biggest difference in prices on record as of June 2003.

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Since then the price of diesel is generally higher than that of petrol by about 5 paise per litre.

Steve Gooding, director of the RAC Foundation, warned that diesel could become even more expensive in the short term.

He added: “The situation for diesel drivers is dire and is unlikely to improve in the coming weeks. In fact, it could get worse.”

“Already, drivers of average-sized diesel cars are paying around £105 more each time they fill up, around £14 more than those with petrol cars of the same size at a neighboring pump.”

With the UK’s 4.5 million-strong fleet of vans and half a million HGVs running almost exclusively on diesel, Mr Gooding said the rising costs for companies would be “inevitably passed on” to consumers.

Mr Gooding said the war in Ukraine is increasing the impact on diesel supplies during the colder months as many countries use the fuel for heating and electricity generation, increasing demand.

He said the situation “could get worse” after EU sanctions on imports of Russian oil products come into force on February 5 next year as stocks would need to be bought from afar.

The Office for Budget Responsibility (OBR) said on Thursday that a “planned 23% increase” in fuel duty in March 2023 would increase pump prices by around 12p a litre.

This figure is based on a combination of the scheduled end of the 5 paise cut in fee and the long-standing policy of increasing fee in line with the RPI rate of inflation.

But chancellors have repeatedly withheld the duty, and the Treasury insisted a final decision on the rate would not be made until the next budget in spring.

Credit: www.standard.co.uk /

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