The figures come from the RAC’s Fuel Watch and show that retailers are making 19p from every litre of diesel they sell. This is around double what they made last year.
Campaigners have now warned the UK’s 12million diesel drivers could suffer more than others during the cost of living crisis.
Fuel spokesman for the RAC Simon Williams said the fuel duty cut announced in Jeremy Hunt’s budget was being absorbed by forecourts.
In a statement, he said: “At a time when so many households are struggling with the rising cost of living, we’re pleased the Chancellor did the right thing for drivers and kept fuel duty low in Wednesday’s Budget.
“Unfortunately, though, the pricing tactics of major retailers mean that diesel drivers in particular – including those who work for millions of small businesses – are still getting a really miserable deal at the pumps, and effectively aren’t seeing any benefit from the 5p duty cut whatsoever – as retailers are taking nearly four times this amount in margin with every litre they sell.”
READ MORE: Jeremy Hunt announces major fuel duty changes in Spring Budget
Mr Williams added: “Drivers and small businesses have every right to feel aggrieved. We’re in a ridiculous situation where it would take just one major retailer to do the right thing and cut diesel prices to more sensible levels for a ripple effect to take place across the country’s forecourts, benefiting hard-up households everywhere.
“Instead, no retailer wants to blink first, with the result being millions of drivers forking out far more when they fill up than they should. Two weeks ago, we pointed to how easy it was for retailers to slash diesel prices given how low the wholesale price had fallen. It’s a sad reality that prices have merely trickled down by only around a penny since then.”
As well as a small drop in fuel prices, small firms which use diesel vehicles were hit again this week when the OBR (Office for Budget Responsibility) warned that 40,000 would deliberately reduce their revenues to avoid a VAT rise.
The OBR warned: “The watchdog warned: “Given the administrative burden and pricing consequences of being subject to the VAT regime, the registration threshold also creates an incentive for firms to cap their annual turnover just below it.”
With fuel prices continuing to remain high and the expansion of ULEZ, many businesses will see their costs continuing to rise.
