01/06/2004
Government urged to act over petrol price rise fears
The government should indicate that, if oil prices are still high in September, it would postpone the increase in fuel duty until world oil markets have settled, the Lib Dems have said today.
The party made the call after the Petrol Retailers Association warned that drivers can expect to pay more at the pumps as the price of crude oil reaches record highs. Last weekend's Saudi Arabia hostage drama, in which 22 people were killed in Al Khobar, will also add to uncertainty - and the costs of increased security for exploration and distribution could filter through to the customer.
The association has called on the government to drop plans to add 2p to the cost of a litre of petrol, which is planned for September. The cost of a litre of litre of petrol is already over 80p – at the time of the fuel protests four years ago, the price per litre stood at 85.2p.
Shadow Chancellor Dr Vince Cable said today that the situation had arisen out of "sheer complacency from the government", which had taken its eye off the ball.
"The war in Iraq and the continuing chaos there, instability in the Middle East between the Palestinians and the Israelis, and attempts by Al Qaida to destabilise the Saudi regime, could have a serious effect on oil prices," he said.
"The rise in the price of oil now underlines the need for long-term policies that will strengthen energy conservation - both for environmental reasons and for security of supply."
He added: "There is no need to panic just yet - the current high prices may just be a short-term spike. However, the government should indicate that if prices are still very high in September, it would be willing to postpone the increase in fuel duty until markets have settled."
(gmcg)
The party made the call after the Petrol Retailers Association warned that drivers can expect to pay more at the pumps as the price of crude oil reaches record highs. Last weekend's Saudi Arabia hostage drama, in which 22 people were killed in Al Khobar, will also add to uncertainty - and the costs of increased security for exploration and distribution could filter through to the customer.
The association has called on the government to drop plans to add 2p to the cost of a litre of petrol, which is planned for September. The cost of a litre of litre of petrol is already over 80p – at the time of the fuel protests four years ago, the price per litre stood at 85.2p.
Shadow Chancellor Dr Vince Cable said today that the situation had arisen out of "sheer complacency from the government", which had taken its eye off the ball.
"The war in Iraq and the continuing chaos there, instability in the Middle East between the Palestinians and the Israelis, and attempts by Al Qaida to destabilise the Saudi regime, could have a serious effect on oil prices," he said.
"The rise in the price of oil now underlines the need for long-term policies that will strengthen energy conservation - both for environmental reasons and for security of supply."
He added: "There is no need to panic just yet - the current high prices may just be a short-term spike. However, the government should indicate that if prices are still very high in September, it would be willing to postpone the increase in fuel duty until markets have settled."
(gmcg)
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Opec supply boost drops oil price
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19 July 2001
ECONOMY TO BENEFIT FROM CRUDE OIL PRICE FALL
A 10 per cent fall in the price of crude oil over the past fortnight has been heralded as good news for the business community. Recent attempts by the Organisation of Petroleum Exporting Countries (OPEC) have done little to reverse the downturn in price, now resting at its lowest level since early April.
ECONOMY TO BENEFIT FROM CRUDE OIL PRICE FALL
A 10 per cent fall in the price of crude oil over the past fortnight has been heralded as good news for the business community. Recent attempts by the Organisation of Petroleum Exporting Countries (OPEC) have done little to reverse the downturn in price, now resting at its lowest level since early April.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.