- 18/03/2026
- Posted by: Valerie Vaz MP
- Category: News
Given the recent escalations in the conflict in the Middle East, many families and businesses will be incredibly concerned about the potential impacts on themselves and the cost of living during these uncertain times. Fuel costs matter enormously to people across the country, and I recognise that fluctuations in pump prices cause fluctuations in working people’s bank balances.
I welcome the Chancellor’s recent assurances that Britain’s economy remains strong, and I support the steps she is taking to protect families and businesses from the impact of the conflict. This includes by prioritising energy security, investing in clean, home-grown energy and the Government’s response to the Fingleton Review of nuclear regulation. I am pleased to see that our energy system is already much more secure than it was at the outset of the Russia–Ukraine conflict.
The Government and the Competition Market Authority will continue to closely monitor petrol and diesel prices in light of instability in the Middle East, ensuring the latter has the necessary powers to crack down on any companies attempting to exploit this crisis for excessive profits, whether on road fuel, heating oil or other essentials. The Government is also engaging regularly with refiners, importers and distributors to ensure any emerging risks are identified and managed promptly. The UK benefits from strong and diverse security of energy supplies, and there are no issues with fuel supply.
I know that the Government is also currently working with the UK’s partners to secure oil and liquified natural gas transit through the Strait of Hormuz, and it remains the case that the single best way to protect families and businesses from rising energy prices is a swift resolution to the conflict in the Middle East. The Government is also supporting a co-ordinated release of collective International Energy Agency oil reserves, helping to stabilise international oil markets.
I welcome that the Government has already taken action to ensure that fuel remains affordable, and the current conflict only increases the importance of the action taken over the autumn. At the Budget in 2025, the Government extended the temporary 5p per litre cut in fuel duty until the end of August 2026 and cancelled the inflation-linked increase that had been planned for 2026-27. Taken together with decisions made since the 2024 Budget, the Government’s fuel duty freeze will save the average motorist more than £90 compared with the plans inherited from the previous Government.
