Oil price surge: Rishi Sunak's 5p fuel duty cut 'cancelled out' by pump rise – 'Let down!'

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Brent crude oil is currently priced at $120.99 per barrel, down from a peak of $127.98 at the beginning of March. Just over a week ago, Brent crude oil prices hovered near their lowest levels in the last month at $98.2 per barrel.

The news comes after the Chancellor of the Exchequer presented his spring statement, which included a 5p cut to fuel duty, to MPs on Wednesday.

The fuel duty announcement has been lauded as a success by Rishi Sunak.

Mr Sunak said: “Not by one, not even by two, but by 5p per litre. 

“The biggest cut to all fuel duty rates – ever.”

The announcement is also just the second time in two decades in which the Government have cut the levy.

Fuel duty costs make up over a third of the price per litre of petrol and VAT tax is added on top of the bill.

Data shows that the Government have made an estimated £1,000 per household or a collective £28billion from fuel duty.

The changes come after mounting pressure on the Government to address the increasing cost of living crisis which has been exacerbated by Russia’s invasion of Ukraine and the UK’s sanctions on Russia.

In his statement, the Chancellor vowed to “stand by” and help the British people deal with the crisis.

READ MORE:Prince William pays tribute to Windrush generation during Jamaica trip

The RAC has declared that the 5p reduction will make fuel cheaper for a 55-litre tank by £3.30.

In addition, oil used for central heating will not be alleviated by the fuel tax cut and so those paying for oil to heat their homes will continue to pay 11p per litre.

Lynley Gregory told ITV that with approximately 1.7million households relying on heating their homes with oil, many “will feel left out and let down” by the Chancellor.



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