Cheapest diesel prices near me8/8/2023 ![]() ![]() Mr Sunak said at the time that it represented the “biggest cut to all fuel duty rates ever”. With VAT taken into account, the overall saving came to 6p per litre. What is being done about the fuel price rises?Īt the end of March, Chancellor Rishi Sunak, announced a 5p cut to fuel duty for 12 months in an effort to give respite to motorists struggling to fill up their tanks during the cost of living crisis. This has caused demand for oil from other suppliers to rocket, resulting in higher prices including for countries that did not originally source their oil from Russia. However, the EU is more reliant on Russian oil, and imports 27 per cent of its oil from Russia.ĮU leaders have agreed to ban most Russian oil imports by the end of the year, and the US has also announced a total ban. Prices are soaring across the country (Photo: Carl Recine/Reuters) Russian imports account for just 8 per cent of total UK oil demand, and the Government says it will phase out imports of Russian oil by the end of the year. ![]() Russia is one of the world’s largest crude oil exporters, second only to Saudi Arabia. While oil and fuel prices were already high prior to the Russian invasion in February, the war has exacerbated the situation. How has the war in Ukraine affected fuel prices? This week the price of a barrel of oil was around $120 (£96), compared to around $80 (£64) in January, prior to Vladimir Putin’s invasion of Ukraine. But suppliers who had slashed production during the pandemic have struggled to scale back up to meet demand, pushing up prices. ![]() When global economies began to recover, the price shot up as demand rose sharply. These are the nine cheapest forecourts in Coventry:ġ, Costco, Torrington Avenue, Canley - 138.9p per litre (as at 3/2/23) (members only)Ģ, Gulf, Dunchurch Highway, Allesley - 141.7p (as at 1/2/23)ģ, Sainsbury's, Herald Way, Canley - 141.9p (as at 1/2/23)ģ=, Tesco, Phoenix Way, Rowley's Green - 141.9p (as at 2/2/23)ģ=, Tesco, Lynchgate Road, Cannon Park - 141.9p (as at 1/2/23)ģ=, Tesco, Clifford Bridge Road, Walsgrave - 141.9p (as at 1/2/23)ħ=, Asda, Brade Drive, Walsgrave - 142.7p (as at 1/2/23)Ĩ=, Sainsbury's, Austin Drive, Courthouse Green, 142.9p (as at 2/2/23)Ĩ=, Texaco, Sandpits Lane, Keresley, 142.9p (as at 1/2/23)įor more Coventry news s ign up to our daily newsletter here.At the start of the Covid-19 pandemic, the price of oil crashed as the world shut down and demand dropped – in April 2020 oil recorded negative prices for the first time in history. And there have been small increases at most of the city's other cheaper forecourts. "Oil is down nearly 50% since the Ukraine invasion, yet Shell and the other big oil corporations continue to pay record dividends to shareholders on the back of tens of thousands dying in a futile war." After many months of gradual reductions, the price of petrol in Coventry has stalled and actually appears to be moving back up again.Īccording to data from, the cheapest station in the city is actually 1p per litre more expensive than it was towards the end of January. In a time of insecure energy supplies and volatile prices, the unpredictable and uncontrolled fuel market is manna from heaven allowing these greedy business to ride roughshod over drivers suffering under the worst cost of living crisis in decades. "They only benefit already well off individuals and pension funds and of course the Treasury, which is wallowing in record VAT receipts because of the last two years inflated punitive filling up costs. These odious levels of record income generation are immoral. Pump Prices are still 10p-20p per litre artificially high and contribute big time to Shell’s UK profits. "It will at last check the big branded oil corporations' greedy manipulation of pump prices. READ MORE: Land Rover driver's 79mph overtake on residential street caught on camera He said: "The Government must act now and introduce our well-thought-out opportunistic profiteering watchdog proposal PumpWatch. ![]() Howard Cox, founder of FairFuelUK, which has long called for a regulator to keep closer tabs on the industry, reckons prices are 'artificially high' by as much as 20p per litre due to retailers' refusal to pass on to hard-up motorists decreases in wholesale costs. But Shell is by no means the only company to have profited from last year's huge price spike which peaked in the summer when the UK average for unleaded reached around £1.91 per litre. The fuel and energy giant has gained more than most from soaring petrol prices since Russian's senseless invasion of Ukraine little more than a year ago. The worrying news comes just days after Shell announced £32.2 billion post-tax profits for 2022, the highest in the company's 115-year history. The cost of petrol is slowly beginning to climb across Coventry after a sustained period of price drops. ![]()
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