We have been “cushioned” from the increase in fuel prices because of the high level of fuel duty. That was the remarkable claim by John Roberts of Platts, which reports on and forecasts oil prices.He was talking on Radio 4’s Today programme. He said that because fuel duty makes up such a high proportion of the cost of fuel, and fuel duty has been frozen since the fuel dispute, the rise in fuel prices has been lower than the increase in oil prices.
In real terms, he said, the fuel price is about the same as it was six years ago.
Currently it is about $86 a barrel, but it may rise to $100. Roberts was uncertain whether it would reach this level; it all depends on events.
Who would have thought that the high fuel duty would actually cushion us!

But of course the fuel duty is still far too high and fuel duty is now being increased