- The government is considering reversing a planned fuel duty hike, currently set to end in September, in response to soaring energy prices driven by the Middle East conflict.
- Energy Secretary Ed Miliband stated the government would “stand by people in this crisis” but avoided a direct commitment on the fuel duty freeze.
- Chancellor Rachel Reeves, who previously insisted the hike would proceed, has softened her stance, with Prime Minister Sir Keir Starmer confirming the 5p increase is “under review”.
- Oil prices have surged over 20 per cent to above $100 a barrel and gas by more than 50 per cent, leading to fears of a new cost of living crisis.
- Ministers have warned the petrol industry against profiteering, with Ms Reeves asking the Competition and Markets Authority to monitor for 'unjustifiable' price increases, though retailers have criticised these accusations.
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