While British hauliers warn of price rises and job losses as the cost of fuel keeps rising, the government are still on track to impose the fourth fuel duty hike in a year when they increase it by 1p in April. On top of that
a US trader has taken control of 30% of Forties oil and 25% of Brent oil for delivery in February pushing the price of Brent crude futures nearer to the $100 a barrel (159 litres) that many analysts believe will be reached this year.
According to a Telegraph report, Hetco has taken control of ten oil cargoes due for February, eight are North Sea oil andÂ two are Brent shipments. The good news for the consumer and bad news for Hetco though is that they may be experiencing difficulty shifting the stuff having reportedly failed to find a buyer for three days.
On tax, pressure is mounting on the government to scrap the 1p fuel duty rise in April. At least at Prime Minister's Question time yesterday David Cameron did say that the government were looking at ways to insulate hauliers from the tax rises and put them on a more level playing field with their European counterparts.
But at the nozzle end every extra penny placed in the tank means higher prices for everyone for even the most basic of goods. It also directly hits commuters and families meaning less disposable income to fuel the economic recovery.
Peter Carroll of FairFuelUK.com said "Fuel prices are already at record levels. Everyone is suffering. Surely it cannot be right to go ahead (with the tax rise) against a background of such high prices and high level of inflation".
The AA has warned that it expects fuel to go up by about 3.5p a litre.