![]() It may not display all fuel types nor take into account all available fuel providers. This App displays fuel prices in limited areas within Queensland only, which do not incorporate any potential discounts offered by fuel providers. *The RACQ Fair Fuel Finder App includes content supplied by Oil Price Information Service LLC or its third party provider (OPIS). RACQ is unable to provide Fair Fuel Price advice for LPG. Prices for unleaded petrol and diesel in regional Queensland are also covered, based on what RACQ believes is a reasonable margin. It is what RACQ considers to be a fair fuel price in South East Queensland and provides motorists with an indication of what they should pay for fuel. RACQ’s Fair Fuel Price is based on market data and RACQ research. “We have taken action to try to deal with the situation – the Chancellor has reduced fuel duty – and of course we keep under review all the measures necessary in order to help people with the cost of living.Browse your local area for fuel prices offered by participating fuel providers on the RACQ Fair Fuel Finder App* - available now for IOS and Android. Mr Gove added: “The situation is difficult for many people and of course, it’s all a consequence of the war in Ukraine, and we don’t know how the shockwaves of that war will continue to affect the energy market and the price of petrol for people who are hard-pressed. “I think we do need to keep a watch on this and I know that the Competition and Markets Authority and others will always keep an eagle eye in order to make sure we don’t have a situation where companies are taking unfair advantage of consumers.” The Levelling Up Secretary told Sky News: “One of the things we do need to do is to make sure that every forecourt, every outlet, is making sure that it doesn’t take advantage of this situation to build up excess profits. “The £100 tank is not sustainable with the general cost-of-living crisis, so the underlying issues need to be addressed urgently.”Ĭabinet Minister Michael Gove warned on Thursday that suppliers should not to exploit customers during the crisis. “A fuel price stabiliser is a fair means for the Treasury to help regulate the pump price, but alongside this they need to bring in more fuel price transparency to stop the daily rip-offs at the pumps. ![]() ![]() The Government must act urgently to reduce the record fuel prices which are crippling the lives of those on lower incomes, rural areas and businesses. The firm’s president, Edmund King, said: “Enough is enough. The AA has now called for a further 10p-per-litre cut in fuel duty and the introduction of a “fuel price stabiliser”, which would see the rate lowered when prices rise, and increased when prices drop. Instead, critics said, they were just passing on savings from the fuel duty cut. However, following a drop in wholesale prices, petrol retailers have been accused of failing to pass on all the savings quickly enough. 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. 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. ![]()
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