Diesel fuel prices

Petrol now at an average of 167.64p per litre, while diesels sits at 180.29p.

However the fact that we get a higher percentage of diesel from Russia than petrol means the advantage has swung the other way again. In fact, arguably it is much easier from a delivery point of view than it is getting fuel to urban filling stations.” Supermarket forecourts usually offer the cheapest fuel prices and this is because of the market power supermarkets hold. This has forced the UK to import diesel from other countries at a greater rate than petrol. Part of the problem is down to the fact that relatively low barrel prices in recent years have put plans to drill for new reserves on hold. Currently, the Treasury adds 57.95 pence to each litre of fuel through fuel duty, and another 20 per cent through VAT. How much you pay in VAT depends on how much fuel you purchase. There are persistent rumours that supermarket fuel contains fewer additives and is of lesser quality than fuel from traditional forecourts, but there’s little hard evidence of this. Motorway fuel stations also pay high rent prices for the buildings they operate. The wholesale cost is a combination of currency exchange rates, global oil prices, and even domestic supply and demand. While the wholesale price has eased in the past few days, this is likely to be temporary, especially if the EU agrees to ban imports of Russian oil. This has pushed up prices, with analysts warning there is limited capacity to increase supplies if flows from Russia are affected by sanctions,” the Financial Times newspaper has reported. The sanctions levied against Russia so far have targeted banks and oligarchs rather than the country’s energy sector, but factors such as Germany’s postponement of the Nord Stream 2 gas pipeline will have an effect on the energy market overall.

Statistics from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 167.6p. The previous record of 167.3p was ...

RAC analysis found retailers’ average profit margins for a litre of petrol and diesel are currently 11p and 8p respectively. Petrol and diesel prices have reached record highs, according to new figures. Statistics from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 167.6p. The previous record of 167.3p was set on March 22, the day before a 5p cut in fuel duty was implemented.

The previous record of 167.3p for petrol was set on March 22, the day before a 5p cut in fuel duty was implemented by Chancellor Rishi Sunak.

RAC analysis found retailers' average profit margins for a litre of petrol and diesel are currently 11p and 8p respectively. - RAC found retailers' profit margins for a litre of petrol and diesel are 11p and 8p The previous record of 167.3p for petrol was set on March 22, the day before a 5p cut in fuel duty was implemented by Chancellor Rishi Sunak. - Previous record of 167.3p for petrol set on March 22, day before 5p fuel duty cut Fuel prices have soared to their highest levels ever of 167.64p for petrol and 180.88p for diesel - causing yet more misery for drivers amid the cost of living crisis. Fuel cost hits ANOTHER record high: Price at the pump climbs to highest figure ever of 167.64p a litre for petrol and 180.88p for diesel as cost of living continues to spiral

Diesel prices have hit a new high amid claims retailers hiked profits following the 5p per litre fuel duty cut. Figures from the Department for Business, ...

Start your Independent Premium subscription today. Figures from the Department for Business, Energy and Industrial Strategy show the average price of a litre of diesel at UK forecourts was 179.7p on Monday. The average price of a litre of diesel at UK forecourts was 179.7p on Monday.

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He said: “Despite his best efforts, the Chancellor must feel like King Canute having tried to reverse the tide of rising pump prices. Diesel prices exceeded their previous record on Monday, hitting 180.3p before rising to 180.9p on Tuesday. “He hasn’t been helped by a fuel trade that, despite a 16p-a-litre fall in petrol costs that coincided with the spring statement, couldn’t even pass on the full 5p fuel duty cut and the 1p VAT reduction that it brought with it.” The previous record high for petrol was 167.3p and was recorded on the 22 March, the day before the fuel duty cut. RAC data shows that since 23 March, fuel retailers have extended their profit margins from 9p per litre on petrol and 6p on diesel to 11p and 8p respectively. The new figures come a day after the RAC revealed retailers had extended their profit margins by 2p per litre since the fuel duty cut and as the Business Secretary wrote to the industry to urge businesses to treat drivers fairly.

Globally, refinery capacity is also stretched thin, especially after Western buyers — including in the U.S. — are no longer importing Russian vacuum gas oil ( ...

On the East Coast, they are at their lowest ever, as the refinery capacity in the region has halved over the past decade to just 818,000 bpd now. Distillate stocks are 23% below the seasonal average and prices are at record highs, too. Record-high diesel and gasoline prices are threatening economic growth, adding further upward pressure on U.S. inflation figures. Globally, refinery capacity is also stretched thin, especially after Western buyers — including in the U.S. — are no longer importing Russian vacuum gas oil (VGO) and other intermediate products necessary for refining crude into gasoline, diesel, and jet fuel. The quickest fix is actually not one American consumers would want — a recession that would lead to job losses. There isn't a quick fix for all-time high fuel prices in America— or elsewhere — analysts say. "When we look at the tight market, the natural conclusion is to say that a recession sorts this," Mark Williams, Wood Mackenzie's research director for short-term refining and oil product markets, said, commenting on the diesel market imbalance. "For companies with aging refineries that required significant investment to remain viable, it has been difficult to justify the spending in the face of a weak demand outlook, particularly for gasoline as a result of increased fuel efficiency and the rise of electric vehicles," Ed Crooks, Vice-Chair, Americas, at WoodMac wrote last week. At 104 million barrels, distillate inventories — which include diesel — are at their lowest since 2008. Not that demand has soared so much. At the same time, new refining capacity in the Middle East and Asia is only now entering the market after being delayed, in part because of the pandemic and weak refining margins, Crooks notes. U.S. gasoline and diesel prices are soaring to record highs nearly every day these days, as crude oil prices hold above $110 a barrel, the Russian invasion of Ukraine upends global crude and refined product trade flows, and refinery capacity globally is now lower than before the pandemic after some refineries—including in the United States—closed permanently after COVID crippled fuel demand in early 2020.

The government has raised concerns that petrol retailers are not passing on the fuel duty cut to consumers, after diesel prices hit another record high.

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Statistics from data firm Experian Catalist show the average cost of a litre of petrol at UK forecourts on Tuesday was 167.6p.

“I have been reassured that they will not hesitate to use their powers to act against petrol stations if there is evidence that they are infringing competition or consumer law,” he added. I have been reassured that (the Competition and Markets Authority) will not hesitate to use their powers to act against petrol stations if there is evidence that they are infringing competition or consumer law In his letter, Mr Kwarteng said the British people were “rightly expressing concern about the pace of the increase in prices at the forecourt”, and are “rightly frustrated that the Chancellor’s fuel duty cut does not appear to have been passed through to forecourt prices in any visible or meaningful way”.

Road-fuel prices in the UK rose to new records, fanning roaring inflation despite a government effort to temper soaring costs for motorists.

Diesel hit 180.88 pence, its third record in four days. Average gasoline prices climbed to 167.64 pence ($2.08) a liter at the pump on Tuesday from a previous high of 167.3 pence, the RAC motoring organization said. Road-fuel prices in the UK rose to new records, fanning roaring inflation despite a government effort to temper soaring costs for motorists.