Summary
A cost-of-living adviser to U.K. leader Sir Keir Starmer suggests the government should extend a fuel duty cut due to rising petrol prices linked to conflicts in the Middle East. The government previously reduced fuel taxes after Russia's invasion of Ukraine in 2022, and there are calls to maintain or further cut the fuel duty as countries worldwide take various actions to address the energy crisis.
Key Facts
- Sir Keir Starmer's adviser, Lord Walker, suggests extending the fuel duty cut due to rising oil prices.
- The fuel duty cut is currently scheduled to end in September.
- Rising fuel prices are linked to the conflict involving the U.S., Israel, and Iran, particularly affecting the Strait of Hormuz.
- About 20% of global oil flows through the Strait of Hormuz.
- The U.K. government initially cut fuel taxes after Russia's invasion of Ukraine in 2022.
- Other countries like Australia, Ireland, and Slovenia are taking similar measures to handle increased fuel costs.
- The Labour government in the U.K. has implemented measures like an energy cap and additional support for heating oil users.
- Political parties in the U.K. are urging further actions to address the cost-of-living impacts due to escalating oil prices.
