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New High Fuel Price Every Day

Blog 17

by Fuelcard Frank








Figure 1Record fuel prices everyday for a month so far!

BBC reports that Road Fuel prices have hit new record highs every day for the past month, according to motoring organisation the RAC.


The cost to fill a family car now stands at about £103 for petrol, and £106 for diesel, it said.

The war in Ukraine and moves to reduce dependence on Russian oil have helped drive up fuel prices, putting households under pressure as food and energy bills also soar.


The RAC called on the government to cut fuel taxes to ease the cost burden on motorists, and to help lower the cost of living.


The UK Government have only reduced Road Fuel Duty twice in Motoring history. Once during the Labour minority Government with the Liberal Party when the Liberals refused to agree the planned increase and just recently. Could it happen again? Bit less than likely. More likely is that the Government will hold off on the view that prices will peak over the summer and then the price will fall back and therefore they won’t need to reduce Duty!


Diesel and petrol prices continues to go up at the same rate heading into the weekend, with a likely 3ppl or so rise for us all next week!


 

Warning for drivers: Don’t travel M4 and M48 on Monday 4th July.


I noticed on ITV news: Protesters plan to block both the M4 and M48 bridges over the River Severn in a campaign to draw attention to rising fuel prices and the impact the hikes in cost are having on people’s lives.


The protests, which are likely to be highly disruptive, are planned for Monday, July 4.

A spokesperson for National Highways, formerly Highways England, confirmed the government agency was aware of the plans and will “work hard to limit the effects of the protests”.


Posts on social media calling for people to protest have been shared more than 1,000 times.

The protest is thought to have been organised by 21,000-strong Facebook community group Fuel Price Stand Against Tax, which is organising similar protests across the UK.

And what some of the public ‘think’ they see is that these pump price increases are all down to the Government, it is not... I wish I could educate these people.


 

This is why currently I give snippets of ‘in trader’ information to our customers alongside their prices, when we can, we give our customers a view to better understand why the market is the way it is.


Western Europe International Oil Market - Example from Tuesday 14th June 2022.


ROTTERDAM: Oil prices are trading sharply higher again after an extremely volatile session yesterday evening when equities led the market lower, only to rebound again on supply concerns. Traders are deeply worried by news that Libyan oil production has collapsed.



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