Second largest daily spike in diesel prices in more than two decades

Drivers and businesses have been hit by the second largest daily hike in diesel prices for more than 20 years.

Figures from data firm Experian Catalist show the average cost of a litre of the fuel at UK forecourts reached a record 165.2p on Tuesday, up from 162.3p on Monday.

The RAC said the jump of more than 3p was the second largest since 2000.

The average price of a litre of petrol also increased, from 156.4p on Monday to 158.2p on Tuesday.

Oil prices have spiked due to concerns over the reliability of supplies due to Russia’s invasion of Ukraine.

The price per barrel of Brent crude – which is the most commonly used way of measuring the UK’s oil price – reached 139 US dollars on Monday, which was its highest level in 14 years.

RAC fuel spokesman Simon Williams said: “The cost of a filling a 55-litre family car with petrol is now £87 – £7 more than it was at the start of the year.

“Diesel drivers are even worse off with a tank now costing more than £90 for the first time ever – £8 more than in early January.

“Wholesale fuel prices have already risen dramatically this week, so more pump price increases in the coming days are inevitable.

“Petrol is now certain to top an average of £1.60 a litre this week while diesel will progress very quickly towards £1.70.

“We continue to call on the Chancellor to help drivers by temporarily cutting VAT to at least 15%.

“As it stands, 26p a litre of what drivers are paying on the forecourt is attributable to VAT and that comes on top of 58p a litre in fuel duty.

“This tax on a tax is causing unbelievable financial pain to drivers which is why we believe Mr Sunak holds the key to easing the burden.”