Rishi Sunak had hailed the 5p cut on fuel rates as “the biggest cut to all fuel duty rates – ever” – and suggested it would last 12 months instead of the six some had called for.
Before the 5p cut to fuel duty, diesel was at 177.47p per litre according to government data. It now sits at 178.39p per litre.
Fuel duty currently sits at around 53p per litre.
Petrol is still 1.69p per litre cheaper than before the spring statement – at 163.68p this week – but prices look to be going up.
It comes amid growing pressure on the government to do more about the cost of living crisis.
But less than two months later, drivers are forking out more than before the government’s intervention on 23 March.
Labour’s Shadow Secretary of State for Transport, Louise Haigh MP, said: “Working people are facing a cost of living crisis, and the Conservatives have literally nothing to offer.”
“Labour’s plan would help households through this crisis with up to £600 cut off energy bills, funded by one-off windfall tax on the oil and gas giants taking working people for a ride at the petrol pump.
“The Conservative government needs to set out an emergency budget to tackle its cost of living crisis – and support Labour’s call to put money back in the pockets of working people.” Steve Gooding, director of the transport policy and research organisation the RAC Foundation, said: “As we feared it didn’t take long for the 5p reprieve to be swallowed up by global events which are driving pump prices back towards record levels.
“The chancellor can’t be blamed for the soaring cost of oil but he could and should go further in cutting the rate of duty. “Whilst all the attention is on the price of a barrel of Brent crude the chancellor continues to quietly take in taxation only just less than 50% of everything that drivers pay on the forecourt.
“There has been a lot of criticism of the windfall profits being made by companies like BP and Shell, but let’s not forget that record oil prices are also bringing in extra for the Treasury in the form of VAT which is levied not just on the product price of petrol and diesel but also the duty element.”