How much has the price of petrol fallen by since Rishi Sunak cut fuel duty?

Rishi Sunak recently announced a 5p cut in fuel duty as part of the spring statement and motoring company AA has revealed how much the price of petrol has fallen at the pumps so far - and it makes for disappointing reading.

The announcement on Wednesday (23 March) by the chancellor comes as drivers have been met with record fuel prices due to an increased cost in oil as a result of Russia's ongoing invasion into Ukraine.

Sunak told MPs: "Today, I can announce that for only the second time in 20 years, fuel duty will be cut.

"Not by one, not even by two, but by 5p per litre."

He also said the 5p cut would be in force from 6pm that day until March 2023.

After Sunak's spring statement, the AA found that petrol prices had fallen by just 2.71p with the average price across the UK at 64.59p a litre for the fuel. Elsewhere, diesel was down 1.59p at 178.72p a litre on average.

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While there have been some deductions from when petrol and fuel broke a new record on Tuesday (23 March ) - 167.30p and 179.72p a litre respectively - they are not near the 5p deduction that was promised immediately.

Luke Bosdet, the AA's fuel price spokesman noted that the cut on fuel will reach the forecourts on the next fuel delivery but admitted the initial small fall in fuel prices after the chancellor's announcement was very disappointing, Sky Newsreported.

He said: "The chancellor rode to the rescue of drivers on Wednesday and, even before the 6pm start of the fuel duty cut, drivers were reporting the price cut at some Asda forecourts.

"However, on Thursday, the average price of petrol showed that less than half (2.71p) of the fuel duty cut had been passed on to drivers."

The AA wasn't alone in voicing their disappointment, as the RAC also criticised Sunak's measures with the head of policy, Nicholas Lyes, describing the cut as "a drop in the ocean" as it will "only take prices back to where they were just over a week ago".

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