Drivers are being warned that fuel prices could rise sharply after the Chancellor's spring statement. FairFuelUK founder Howard Cox said petrol and diesel could increase by up to 20p per litre in the coming weeks due to rising oil prices linked to Middle East tensions.
Mr Cox criticised Chancellor Rachel Reeves for missing an opportunity to support economic growth. He noted that crude oil prices had already exceeded $84 a barrel and warned that a sustained rise to $100 could add 10p to 20p per litre, similar to surges seen in 2022.
FairFuelUK is calling for a cut in fuel duty and for the implementation of PumpWatch to prevent profiteering. However, RAC head Simon Williams urged caution, saying that wholesale costs had only risen gradually and that price increases should not be passed on immediately.
In her statement, Ms Reeves insisted the Treasury was better placed to withstand volatility than 18 months ago. She highlighted measures including £150 off energy bills, frozen prescription charges and rail fares, which the Bank of England forecasts will reduce inflation by 0.4 percentage points.
