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Around one in ten forecourts are already charging £2 a litre for fuel as near-record pump prices threaten to further stoke inflation and hammer drivers for months to come, it emerged today.
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it → see → months
Analysis of thousands of forecourt prices found 236 were selling diesel at more than £2 a litre, with a further 633 pricing it at 199.9p.
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633 → find → 199.9p
The 869 forecourts selling the fuel at around £2 or more represent around 10 per cent of pumps across the UK.
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forecourts → sell → UK
It came as average diesel and petrol prices surged again to a new post-Iran war record and four-year high, with diesel now barely 5p away from hitting the all-time record of 199.05p.
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prices → come → 199.05p
This was set in June 2022 after Russia invaded Ukraine, sparking a similar economic shockwave to that caused by the US starting a war with Iran on February 28.
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US → set → February
Average diesel prices hit 193.85p a litre today, while petrol climbed to 171.27p.
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petrol → hit → 171.27p
Before the conflict erupted, they were 142.38p a litre and 132.83p respectively.
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they → erupt → ?
It means the cost of filling up the average 55-litre tank in a family car with petrol is now £94 and £107 with diesel.
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cost → mean → diesel
Analysis of thousands of forecourt prices found 236 were selling diesel at more than £2 a litre, with a further 633 pricing it at 199.9p
The cost of filling up the average 55-litre tank in a family car with petrol is now £94 and £107 with diesel
Richard Tice, deputy leader of Reform UK, said 'drivers are literally being taken for a ride by Labour' amid a planned Fuel Duty hike
If average prices surge past £2 a litre it could trigger protests, as it’s the milestone which has threatened to spark past demonstrations.
Surging fuel prices, caused by the effective closure of the Strait of Hormuz due to the war and global oil supplies being squeezed, have been one of the drivers of rising inflation in the UK, which surged from 2.9 per cent to 3.1 per cent, figures revealed today.
It will pile pressure on Labour to abandon plans for a Fuel Duty hike in next month’s Budget, the first of Andy Burnham’s premiership.
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It → find → premiership
At present, Fuel Duty is set to be hiked by 3p a litre on January 1 and a further 2p on March 1, netting billions of pounds more for the Treasury as it scrambles for cash to pay for a series of unfunded commitments made by Mr Burnham during his first weeks in Downing Street.
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it → set → Street
But the hike would come just as household energy bills are expected to rise by as much as 26 per cent, further squeezing hard-pressed families.
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bills → come → families
Experts also point out that diesel is the backbone fuel of the haulage sector, meaning higher diesel costs are passed on and push up the price of goods on shop and supermarket shelves.
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costs → point → shelves
One haulage boss told the Mail that since the Iran war erupted, his firm’s fuel bills have surged by £1million a week.
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bills → tell → 1million
It comes after analysis found drivers have been forced to shell out an extra £7.5billion at the pumps because of the Iran war.
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drivers → come → war
Meanwhile, the Treasury has netted a £1.3billion VAT windfall thanks to higher prices.
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Treasury → net → prices
This is because the 20 per cent levy accounts for a bigger slice towards Treasury coffers when pump prices are higher.
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prices → account → coffers
The RAC’s fuel guru, Simon Williams, called for fuel tax relief in next month’s Budget, saying: ‘Together with today’s ONS figures that show an uptick in the headline rate of inflation – with fuel prices once again largely responsible – the pressure on the Government to act to support households in the Budget that is exactly six weeks away is only going to intensify.
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that → call → Budget
‘Whether that’s abandoning plans to raise Fuel Duty, cutting the tax or even reducing VAT on fuel, there are levers that can be pulled and nothing should be off the table for the Chancellor next month.’
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nothing → ’ → Chancellor
Richard Tice, deputy leader of Reform UK, added: ‘Drivers are literally being taken for a ride by Labour.
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Drivers → add → Labour
‘Labour should scrap its planned 3p Fuel Duty hike immediately.
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Labour → scrap → hike
People need tax cuts, not another hit to their wallets.’
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People → need → wallets
Shaun Leonard, of Turners (Soham) haulage firm, said fuel bills for running the 96-year-old firm’s 3,000 lorries had increased to £2.9million a week, up from £1.9million before the war.
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bills → say → war
The firm, based in Newmarket, Suffolk, is the largest privately owned haulage firm in the country and has lorries based in 44 locations across the country.
Mr Leonard said: ‘We have no choice but to pass that onto the customer.
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We → base → customer
‘My message to the Chancellor is, they need to help businesses - so freeze or reduce Fuel Duty.
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they → need → Duty
A Treasury spokesman said: ‘As has always been the case, decisions on tax are a matter for the Chancellor to set out at fiscal events, rather than routinely commenting on rumour, speculation or proposals.’
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Chancellor → say → rumour
The Aporia
