COMMENTING on the soaring cost of fuel resulting from Russia’s invasion of Ukraine, Piers Bambridge, CEO of leasing provider Pike+Bambridge (pictured left), said:
Ongoing fuel increases are impacting households across the UK who are already suffering from record domestic energy prices, and interest rate rises.
It’s vital that the Chancellor urgently looks at reducing fuel duty, so that consumers can mitigate against the future fuel rises which are expected over the coming days.
This makes expediting the move to electric vehicles even more important in the coming years. Keeping people mobile is key as we all start to recover from the last two years of restrictions and lockdowns created by the pandemic.
The Chancellor is holding his spring statement on 23 March. While not a Budget, the Chancellor will have an opportunity to update current strategies and potentially an opportunity to address the rising cost of living crisis facing UK families.
Meanwhile soaring utility costs are hurting businesses, while the rise in fuel costs will impact all fleets but particularly those in transportation.
According to the RAC Fuel Watch, Russia’s invasion of Ukraine caused the barrel price to shoot past the $100 a barrel mark for the first time in nearly eight years making wholesale fuel far more expensive.
The FT.com said the Chancellor was under increasing pressure to cut taxes to alleviate rising financial costs as a result of the Ukraine crisis.
Main image courtesy RAC.