"The cost of crude oil has surged in recent weeks due to Iran's disruption of tanker traffic through the Strait of Hormuz, resulting in higher fuel prices and intensifying calls for government intervention."
"Policymakers across Europe have adopted a more interventionist approach, with countries like Greece and Hungary implementing price caps on fuel, while Germany plans to restrict petrol stations to a single daily price increase."
"Motoring groups and opposition figures argue that proceeding with a fuel duty increase in September could worsen the cost-of-living crisis, especially if global energy markets remain unstable."
Chancellor Rachel Reeves is under pressure to abandon a planned fuel duty increase as oil prices rise due to geopolitical tensions. The UK government has resisted new interventions, unlike European countries that have implemented measures to protect consumers. Critics argue that a fuel duty increase could worsen the cost-of-living crisis. Treasury officials are reviewing the policy, but no commitments to changes have been made. The Chancellor must balance public finances with the need to address rising costs affecting households.
Read at London Business News | Londonlovesbusiness.com
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