The Courier’s Fight for Fairer Fuel petition is close to reaching a major milestone.
With less than a month to go before Chancellor George Osborne’s Budget on March 23, we’d like you to help us with a final push to reach 10,000 signatures before we present your concerns to the Treasury, calling for a fuel duty regulator.
We’ve been inundated with readers’ comments and letters from across Courier country and from all walks of life since last month.
Thursday’s news that Brent crude hit $119 a barrel, for the first time since August 2008, led more readers to get in touch as petrol prices in some areas continued climbing well beyond 140p per litre.
The concerns came as western oil companies, such as Italian firm Eni and Spain’s Repsol-YPF, suspended production, and BP evacuated staff from Libya.
A group of petrol retailers predicted the latest rise in Brent crude will filter through to British forecourts in the next few weeks, leading to an estimated 5p per litre increase by April 1.
Brian Madderson, chairman of RMI Petrol, the petrol retailers’ association, said, “This is further bad news for motorists and forecourts as this increase looks set to coincide with the introduction of the previous government’s ill thought-out fuel duty escalator, adding a further 5p per litre at the pump-in total a 10p per litre jump.”
Some analysts fear Nymex crude could break its 2008 record of around $147 if the unrest spreads to countries such as Iran and Saudi Arabia.
Michael Hewson, analyst at CMC Markets, said oil prices were being pushed up by restricted production and speculation.
“There has been disruption to production but Libya accounts for only 2% of the world’s oil supply,” he said. “However, Europe takes about 50% of its oil from Libya and will have to source oil from elsewhere and possibly pay more for it.”
RAC motoring strategist Adrian Tink said, “It’s clear that we’re getting to the stage where drivers are going to be priced out of using their cars.”
According to drivers, the responsibility for fuel prices lies with the government. Two-thirds of drivers believe it is its fault and 95% want it to act on it.
However the government is set to push prices up even further on April 1, with the planned fuel duty rise of inflation plus 1p.
Quentin Willson, of Fair Fuel UK, said, “The planned April 1 duty hike is insane and could tip the economy towards a double-dip recession.”