Key petrol and diesel update as ‘increase | Tech News
The Government has supplied an update on its efforts to handle hovering petrol and diesel costs following the present Middle East battle. Since US and Israeli strikes on Iran on the finish of February, pump costs throughout the UK have surged dramatically.
Motorists loved a comparatively secure begin to the yr, with costs hovering between 130p and 140p per litre for each fuels. But that stability collapsed initially of March, as quickly escalating oil costs triggered sharp will increase.
Oil markets have been rattled by issues over the efficient closure of a essential delivery route, the Strait of Hormuz, which exhibits no indicators of reopening as the US and Iran have but to succeed in any peace settlement, regardless of a ceasefire presently holding.
The price of a barrel of Brent Crude stood at roughly $114 on Wednesday morning, having been as low as $70 earlier than hostilities commenced.
Petrol now sits within the 150p to 160p vary, whereas diesel is between 180p and 190p at most UK forecourts. It has added appreciable expense to each fill-up for UK drivers and prompted requires Government intervention, provided that a substantial portion of the pump price contains taxation.
Raising a query in Parliament, Gregory Stafford, Conservative MP for Farnham and Bordon, stated: “To ask the Chancellor of the Exchequer, whether she (a) is taking steps to reduce fuel duty and (b) has considered halving fuel duty to help reduce the cost of living.”
The reply got here on Tuesday from Exchequer Secretary Dan Tomlinson, MP for Chipping Barnet, who stated: “The Government has already taken action on fuel affordability at the pump. At Budget 2025, the Government extended the 5p-per-litre cut for a further five months, until the end of August this year.
“The Government has additionally cancelled the increase according to inflation for 2026/27. Instead, charges will solely steadily return to early 2022 ranges by March 2027. Since Autumn Budget 2024, the Government’s choices to freeze fuel obligation will save the average motorist over £90.
“Fuel duty raises approximately £24 billion each year, where this revenue helps fund the vital public services and infrastructure that people across the UK expect. As with all taxes, the Government keeps fuel duty under review.”
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