Fuel costs: Pump prices continue to rise

Fuel costs: Pump prices continue to rise

24 May 2022 Posted By James Evison

The cost of diesel at the pump has continued to rise as the government's weekly fuel prices show the increase is currently more than 1ppl per week.

The price is now almost 1.80ppl – increasing by 1.3ppl in a week – as the impact of the fuel duty cut in the Spring Statement has been cancelled out by other factors. The price is almost 50ppl more than this time a year ago.

It also follows uncertainty around the price of Brent crude, which is currently at around $113, as global geo-political factors and volatility in financial markets has impacted.

Essential user rebate

The news comes as the RHA calls for an essential user rebate on fuel duty, passed onto hard-hit consumers, would result in a concrete, immediate impact on the cost of living crisis.

By taking 15ppl of the cost of fuel, like the German and other European governments have done for hauliers and essential users, this cut can be taken off the cost of goods and services, resulting in a real-terms decrease for consumers in the supermarket or high street.

Other schemes

Other fuel duty rebate schemes already exist for this primary purpose, for example, the Bus Service Operators Grant (BSOG) – currently offering rebates of 34.57 pence-per-litre for bus operators – keeps the costs of fares down for hard-hit customers.

The same approach can therefore also be taken for embattled coach operators, helping to ease costs for customers.

In line with Europe

An RHA spokesperson said: “We want to see a 15 pence per litre rebate for commercial vehicles to reduce the price of moving people and goods.

“This would be a big boost to the economy as the cost of living spirals. Similar schemes are in place for commercial operators in France, Spain, Italy and Belgium.”

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