Wednesday 18 May 2022 11:04 AM Price at the pump hits record 167.64p for petrol and 180.88p for diesel trends now
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Fuel prices have hit new record highs of 167.64p for petrol and 180.88p for diesel - causing yet more misery for drivers amid the cost of living crisis.
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.
Yesterday's record prices - revealed by the RAC - coincided with Business Secretary Kwasi Kwarteng writing to fuel retailers 'to remind them of their responsibilities' amid claims they had hiked profits following the reduction in duty.
RAC analysis found retailers' average profit margins for a litre of petrol and diesel are currently 11p and 8p respectively.
In the month up to the duty cut it was 9p for petrol and 6p for diesel.
RAC fuel spokesman Simon Williams said: 'While the average price of both petrol and diesel would have been far higher without the historic duty cut, it's also unfortunately the case that drivers haven't seen the full benefit at the
