Petrol and diesel prices surged at their fastest recorded rate during March, according to new data from the RAC, placing significant financial strain on millions of motorists across the United Kingdom.
The motoring organisation confirmed that March saw the steepest monthly rise in fuel costs in pence per litre since records began, marking a deeply concerning milestone for drivers already grappling with a broader cost of living crisis.
The sharp increase has been widely linked to turbulence in global energy markets, which have experienced considerable volatility in recent months. Disruptions to oil supply chains and fluctuating crude oil prices on international markets have consistently fed through to forecourt prices for consumers.
For many households, fuel costs represent one of the most unavoidable everyday expenses, particularly for those who rely on their vehicles to commute to work or live in rural areas with limited public transport options. The record rise is therefore expected to have a disproportionate impact on lower-income families who spend a greater share of their earnings on travel.
Fuel prices in the UK are made up of several components, including the wholesale cost of oil, retailer margins, and taxation. Fuel duty and VAT together account for a substantial portion of what drivers pay at the pump, meaning that even when wholesale prices shift, government policy plays a significant role in the final cost faced by consumers.
Calls for government intervention, including temporary cuts to fuel duty, have grown louder as prices have climbed. Motorists and road haulage groups have urged policymakers to act swiftly to ease the burden on both individuals and businesses that depend heavily on road transport.
The RAC's findings serve as a stark reminder of the wider inflationary pressures currently gripping the British economy, with energy costs at the forefront of a squeeze that is affecting households and industries alike. Analysts warn that further price increases could follow if global market instability persists in the coming months.
