THE impact that the Middle East conflict is having on forecourt prices has been underscored by fuel duty receipts obtained via a Freedom of Information request – amid growing calls for the government to cut the tax to help Islanders with the cost of living.
The FoI response shows how fuel duty receipts for January and February of this year stood at £1.92 million and £1.63 million respectively, but were followed by a rise to £2.51 million in March – the first month since the start of the war in Iran.
The figure for March is also larger than it was for the same month in any of the last five years (see table pictured).
Data recorded by the Jersey Consumer Council and published via its prices.je website documents a sharp increase in forecourt prices since the conflict – which has suffocated the passage of oil through the crucial Strait of Hormuz shipping lanes – began.
The International Energy Agency’s most recently published oil market report states that: “More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace.
“Benchmark oil prices have posted wild swings in response to conflicting signals on whether the United States and Iran will soon reach a deal to end the conflict.”
The JCC has previously contended that a reduction in fuel duty is among the “levers available to the government” that could help “ease the pain for Islanders”.
And Caritas Jersey chief executive Patrick Lynch recently told the JEP that the charity was still pushing for a 10p cut as an “immediate” support measure.
