Why on earth is the price of petrol so high right now? 😱 What Car? has the latest
Chancellor Rishi Sunak should temporarily cut VAT on fuel to help ease the burden of rising petrol prices, says the RAC.
As fuel prices hit record levels, the motoring organisation called for VAT on fuel to be reduced from 20% to 15% or less. Currently, 26p of the cost of each litre is VAT, while 58p is for fuel duty. Fuel duty in the UK has been frozen since 2011.The average price of a litre of petrol hit £1.58 per litre today – rising almost 2p per litre overnight from yesterday's price. Meanwhile, the average price of a litre of diesel was £1.65 – a rise of almost 3p per litre overnight.
The RAC says the daily increase in the price of diesel was the largest since 2000. The average cost of filling up a 55-litre family car with petrol is now £87 – £7 more than it would have cost at the start of the year. The price of fuel was already high, but started to soar when Russia launched military action in Ukraine. Russia is one of the world’s largest energy producers, and although the UK imports just 6% of its crude oil from the country, prices here are affected by global costs rising.
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