Reform UK leader Nigel Farage has called on the Government to axe fuel duty to protect petrol and diesel drivers at the pump amid soaring oil prices stemming from tensions in the Middle East.
Although the price of oil has fallen over the last 24 hours, road users are still experiencing soaring fuel prices at the pumps as a result of the conflict between the United States, Israel and Iran.
Motorists are currently facing prices of 137.51p per litre for petrol and 150.97p for diesel, with RAC Fuel Watch predicting that costs were "likely to rise" in the near future.
To help drivers struggling at the pumps, Nigel Farage is expected to pledge to reinstate the 5p fuel duty cut if Reform UK are voted into power in the next election.
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Reports from The Sun state that this will be done by slashing £13.5billion in net zero savings from the Department for Energy Security and Net Zero.
Mr Farage is expected to deliver the demands to the Labour Government and Chancellor Rachel Reeves at a press conference later today.
He said: "We will spend the next few months trying to shame Rachel Reeves into cancelling [the 5p fuel duty cut].
"But if she doesn't - whether because she's running scared of the Greens or in hock to her far-left backbenchers - then Reform will reverse it in our first budget."
READ MORE: Rachel Reeves provides major update on soaring petrol and diesel prices amid calls for fuel duty cut
Reform UK leader Nigel Farage has urged the Government to cut the rate of fuel duty amid soaring prices
|PA
The previous Conservative Government introduced a 5p per litre cut to the rate of fuel duty in 2022 following the Russian invasion of Ukraine, which sent global fuel prices soaring.
Labour has continued to extend the fuel duty pledge in recent years, although it confirmed that it would roll back the measures over the next 18 months.
Chancellor Rachel Reeves said in the Autumn Budget that the fuel duty cut would be reversed by 1p on September 1, 2026, 2p on December 1, 2026 and 2p on March 1, 2027.
The Chancellor also confirmed that the planned inflation increase for 2026-2027 would not take place, although fuel duty rates will rise with inflation from April 2027.
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The price of Brent Crude oil has fallen over the last 24 hours, although it remains higher than in previous weeks
|OILPRICE.COM
Speaking in the Commons yesterday, the Labour MP for Leeds West and Pudsey said measures taken by the Government had lowered petrol costs by more than 8p per litre compared to plans Labour inherited at the election.
Ms Reeves added that the Government's Fuel Finder tool was being rolled out for motorists, with 90 per cent of forecourts already providing data to the scheme.
She noted that officials were working to integrate the technology into map applications to help drivers see the cheapest fuel prices in their local area without leaving their cars.
In a fresh warning to major retailers and supermarkets, the Chancellor said she would not hesitate to crack down on businesses taking advantage of motorists with extortionate prices.
The 5p fuel duty cut was introduced in the aftermath of Russia's invasion of Ukraine in 2022 | PASimilarly, the Competition and Markets Authority (CMA) has been instructed to "remain vigilant" about potential profiteering by forecourts looking to take advantage of a captive driving audience.
Posting on social media site Truth Social overnight, President Donald Trump warned Iran over the Strait of Hormuz, where roughly one-fifth of the world's supply of oil flows through.
He threatened "death, fire and fury" upon Iran if it attempts to stop the flow of oil through the Strait of Hormuz, noting that the US would hit Iran "20 times harder" than anything they have been hit with so far during the war.
"This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated," Mr Trump wrote.