YESTERDAY I begged Chancellor Rachel Reeves to freeze fuel prices in her spring statement or else risking killing our already fragile economy.
Unbelievably she has ignored that call.
This was a missed economic growth opportunity for the Chancellor amid a new damaging oil crisis.
With refineries, oil tankers, and the Straits of Hormuz being targeted, oil prices will continue to climb relentlessly.
A barrel of crude is, at the time of writing (1pm March 3), already over $84 (£63). This will add 5-10p per litre in the next week or so.
A sustained rise in Brent to $100 (£75) could add 10-20p per litre to petrol and diesel within weeks, based on historical patterns — similar to the surges seen in 2022 when oil hit $120 (£90) amid the Ukraine invasion.
For more than two decades, our clueless politicians have not planned to be self-sufficient in oil and gas production.
They should be held to account for making the UK reliant on imports.
FairFuelUK continues to call on Rachel Reeves to cut Fuel Duty, but at the very least keep it frozen for the lifetime of this parliament.
Independent retailers are held to ransom by ruthless cash-grabbing wholesalers and the big brands.
So, I call for FairFuelUK’s PumpWatch to be rigorously and legally implemented to prevent the inevitable opportunistic profiteering.
We will see punitive hikes, as the secret pump pricing algorithm that makes no logical sense to anyone will be ruthlessly exploited yet again by the fuel supply chain.
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