Pump prices continue to push higher
Petrol prices were up 2.9p over the same time period up to 170.4p.
Steve Gooding, director of the RAC Foundation, said:
“Millions of drivers will now be faced with a bill of £100 or more to fill up their cars.
“While many drivers will sensibly be seeking to maximise their miles per gallon by going easy on the throttle, the risk now is that some might misjudge the difference between running low and running out in the hope that tomorrow’s prices will be lower.
“But we wouldn’t bet against the pain increasing further, with oil pushing up above the 120 US dollars a barrel mark and the wholesale price of petrol still rising.”
Despite the 5p reduction in fuel duty which the chancellor announced on 23 March, shortly after the Russian invasion of Ukraine, the Treasury is still collecting nearly 50% of what motorists pay at the pump in taxation, a mixture of duty (currently 52.95p per litre) and VAT which is applied to both the duty and the underying cost of the product.
ENDS
Contact:
Philip Gomm – Head of External Communications – RAC Foundation
07711 776448 | [email protected]
Notes to Editors:
The RAC Foundation is a transport policy and research organisation that explores the economic, mobility, safety and environmental issues relating to roads and their users.
The Foundation publishes independent and authoritative research with which it promotes informed debate and advocates policy in the interest of the responsible motorist. All the Foundation’s work is available at:www.racfoundation.org