Chancellor Rachel Reeves has announced plans to move forward with measures that aim to slash prices at the pumps as petrol and diesel prices continue to soar.
Speaking in Parliament this afternoon, Chancellor Rachel Reeves addressed the soaring cost of fuel and global oil fears, stemming from tensions in the Middle East.
In recent hours, Brent Crude Oil prices have peaked at around $120 (£89), forcing up the price of wholesale prices of petrol and diesel at the pumps.
At present, drivers are paying 137.51p per litre for petrol and almost £1.51 for diesel, with the RAC estimating that prices are "likely to rise".
In response to the global uncertainty in the markets, the Chancellor unveiled her plans over the coming days to MPs.
She said: "In November, I extended the 5p per litre cut in fuel duty for a further five months and ensured that fuel duty will not increase in line with inflation this year.
"Petrol is more than 8p per litre cheaper today than it would have been under the plans that we inherited at the election. And that discount increases to 11p a litre next month once that extension takes effect."
The Chancellor also highlighted the benefits of the Government's Fuel Finder scheme, which she said is being "delivered".
Chancellor Rachel Reeves confirmed that she would monitor fuel prices over the coming days
|GB NEWS/PA
The Labour MP for Leeds West and Pudsey said more was being done to accelerate the scheme, with almost 90 per cent of petrol retailers having taken part.
Government forecasts estimate that drivers using the scheme could save between one and six pence per litre through the scheme.
"Last week, I instructed my officials to accelerate the integration of the cheaper fuel finder with map applications," she added.
The Chancellor will meet with petrol forecourt operators this week, noting that she would "not hesitate to call out retailers that fail to provide data to the Fuel Finder".
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Brent Crude Oil prices have soared to almost $120 over the last week
| OILPRICE.COMShe emphasised that the way to keep fuel prices low was "rapid de-escalation", adding that she would continue to monitor events over the coming days.
The Competition and Markets Authority has been told to remain "vigilant" to ensure retailers and supermarkets are not taking advantage of drivers when visiting the pumps.
It comes as experts call on the Government to cut the rate of fuel duty to further benefit hard-pressed motorists at the pumps, as drivers continue to struggle with the hike in costs.
FairFuelUK founder Howard Cox told GB News earlier today that the Chancellor should take steps to make it cheaper for drivers to fill up, noting that the current situation is unsustainable.
Petrol and diesel prices peaked across the UK in the aftermath of the Russian invasion of Ukraine in 2022 | PAHe said: "Well, I predicted last week when I was on your show that we're going to hit over $100 (£75) and that will put something like 20p per litre onto a filling up. So the average family car will have to spend something like £10 more to fill up their car."
To help motorists save money, motoring experts have suggested that they could drive less and use alternative means of transport to avoid heading to the filling station.
There have also been calls from experts and politicians to avoid panic buying and stockpiling fuel to avoid a shortage crisis, as seen in the summer of 2021.
Some remain optimistic that petrol and diesel prices will not soar to levels seen in the months following the Russian invasion of Ukraine, when forecourts were selling unleaded for £1.90 and some diesel drivers were being charged almost £2.