"Last year, Rachel Reeves announced the long-held fuel duty discount would end from September, introducing a 1p hike followed by two 2p increases in subsequent years. However, following US and Israeli attacks on Iran at the weekend which killed the country's Supreme Leader Ayatollah Ali Khamenei concerns have intensified regarding the impact of oil price hikes on consumers at the pumps."
"Following the attack, the price of oil jumped to 80 US dollars a barrel, with some analysts suggesting it could rise above 100 dollars. Concerns have been raised about the impact of oil price hikes which could hit consumers at the pumps."
The Chancellor is under urgent pressure to abandon planned fuel duty increases as geopolitical tensions between the US and Iran threaten to drive up oil prices. Rachel Reeves previously announced the end of a long-held fuel duty discount, with a 1p increase followed by two 2p increases planned for subsequent years. Following recent US and Israeli military actions against Iran, oil prices surged to 80 US dollars per barrel, with analysts warning prices could exceed 100 dollars. These developments have intensified concerns about pump prices for consumers. Political figures, including SNP economy spokesman Dave Doogan, are calling for the government to reconsider the fuel duty increases given the volatile Middle East situation.
Read at www.independent.co.uk
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