BORIS Johnson will jet to the Gulf to plead with oil-rich kingdoms to turn on the taps – as hopes rise, Rishi Sunak will cut fuel taxes.
The PM and Chancellor are taking a two-pronged approach to resolving the post-pre-trial crisis Prices hit another record of 163.5 p.a. liters for petrol and 173.4 p.a. for diesel.
Mr Johnson will urge the desert rulers to increase crude oil production to lower the global price.
And Tory MPs are increasingly confident Mr. Sunak will deduct “at least a few cents” from the fuel obligation in its spring statement.
A cut next week would be a big win for The Sun’s Keep It Down campaign that froze the hated 57.95p levy for 12 years.
Experts warned prices could reach £2.40 and £3 per liter this year Ukraine warto pressure the government to intervene.
MPs were told crude oil prices could rise another 50 percent if the West shuts down Putin and looks elsewhere for supplies.
Yesterday France became the latest country to cut fuel taxes and announced a rebate to help struggling motorists with rising costs.
she followed by Ireland and Portugal by saving 0.15 euros per liter for the next four months.
Nathan Piper, Investec’s Head of Oil and Gas, told the Treasury Committee, “For consumers, prepare for another hike in fuel prices in 2022 – they will rise sharply before demand kicks in.” That’s not meant to be frivolous, though. . . Pick a number.”
In a sign of the move, a Treasury Department source said: “We’re keeping an eye on all taxes.” Any tariff cut will likely be paid for by massive sales tax increases on high fuel prices.
Meanwhile, Mr Johnson will hold his nose this week human rights violations and are asking Saudi Arabia and the United Arab Emirates to increase production in their backyards.
Crude oil prices edged down yesterday, but war-related Russian supply cuts risk months of volatility.
A surge in Gulf production would help lower the global price, but last night activists accused the prime minister of “trading oil for blood” after the Saudis executed 81 over the weekend.
Mr Johnson is preparing to tour the capital, Riyadh controversial Crown Prince Mohammed bin Salman hoping that his kingdom will make up for less dependence on Russia.
But enraged Tory Crispin Blunt warned Mr Johnson faces “exquisite trouble” as he will arrive just days after a massive round of executions.
Mr Blunt also asked Mr Johnson to make Britain’s concerns clear.
The row came as a new energy security strategy promised by the prime minister “within days” was delayed.
The plan, which could increase nuclear power and even resume fracking, will now be released “this month,” No10 said.
Mr Johnson could make a key speech on energy as early as the Tory spring conference, which will be held in Blackpool this weekend.
Old coal plants could stay open longer to buy time before new nuclear plants open.
But an extension wouldn’t last long – as ministers have pledged to close all of them completely by October 2024 to go greener.
Fracked if we know!
By Natasha Clark
The MINISTERS are arguing with a fracking company about whether two shale gas wells should be concreted over.
There was talk of the Lancashire sites being used for research amid fears over Russian gas supplies.
But owner Cuadrilla says he has no idea whether to keep plowing.
The Economy Ministry has insisted the firm can apply for an extension, but regulators have yet to receive an application.
Secretly, insiders suggested the two sides were still haggling over compensation.
The confusion came when Andrea Leadsom, who quit fracking as energy secretary in 2019, advocated a change in thinking – as long as nearby residents got free gas.
https://www.thesun.co.uk/news/17949065/fuel-prices-boris-johnson-gulf-rishi-sunak-duty/ Boris begs oil-rich Gulf for fuel as pressure mounts on Rishi Sunak to lower tariffs