shapps wants to have a shadow casual workforce, downgrade standards and safety. this dispute from the government and network rail, they want to modernise the network, they want to modernise the network, they want to modernise it, £16 million the government has pumped into it since the pandemic and only 80% of passengers have come back so changes need to be made stop one other area of the cost of living is that petrol price rise, we have the announcement of this reference to the competition regulator. of this reference to the competition reaulator. , ., , , , of this reference to the competition reaulator. , . , ,, regulator. presumably this is still a relatively regulator. presumably this is still a relatively small regulator. presumably this is still a relatively small part regulator. presumably this is still a relatively small part of- regulator. presumably this is still a relatively small part of the - a relatively small part of the overall increase drivers are facing. there
two, but by 5p per litre. but the rac says that since then, wholesale petrol amounts have increased by five times that amount. the petrol amounts have increased by five times that amount. petrol amounts have increased by five times that amount. the vmc is somethin: five times that amount. the vmc is something within five times that amount. the vmc is something within the five times that amount. the vmc is something within the chancellor . five times that amount. the vmc is i something within the chancellor buzz might grasp to do and i think there is something that should be done there. it isjust is something that should be done there. it is just unfair that the drivers are paying that in tea. he is probably collecting more tax now and then he was before the duty cut because it has gone up 5p per litre. after the last raising pace, fuel production boosted supply bringing down the oil price. that took five years. in today s has pressed house told konta forced to wait that long. we r
then inflation will increase, because we are talking about companies with very small profit margins, typically around 3%. they simply can t afford to do anything other than pass on their costs, and fuel inflation is a result. the chancellor rishi sunak did announce some help for motorists in march. today, i can announce, for only the second time in 20 years, fuel duty will be cut. not by one, not even by two, but by 5p per litre. but the rac says since then, wholesale petrol costs have increased by five times that amount. the vat is something within the chancellor s grasp to do, and i think something should be done there because it is unfair that drivers are paying 30p a litre in vat. but when you look at it, the chancellor is probably still collecting more tax than before the duty cut,
within the chancellor s grasp to do, and i think something should be done there because it is unfair that drivers are paying 30p a litre in vat. but when you look at it, the chancellor is probably still collecting more tax than before the duty cut, because of the increase in vat, going up by more than 5p per litre. after the last peak in the oil price, a big expansion of shale oil production boosted supply, bringing down the oil price. but that took five years. many of today s hard pressed households can t afford to wait that long. andy verity, bbc news. and i asked andy whether fuel prices are likely to rise further. that is the prediction at the moment, yes, i m afraid it is. if you look at the crude oil price, as i was saying, it is most of what is driving it, goldman sachs for example is predicting that will go up from the current level of $123 per barrel for crude oil to about $140 in the summer, because that s when the
pumps, it was simply that we didn t get a 5p rise that we were expecting, the prices stayed roughly where they were. since then, prices have risen considerably more but we have risen considerably more but we have seen that cut in duty passed onto consumers, we would see prices by p, onto consumers, we would see prices by p. 6p onto consumers, we would see prices by p, 6p higher with the vat, increasing it higher, if that duty cut had not been in place, but another duty cut is certainly possible. the reason why the government doesn t want to do that is simple, they get a lot of money from fuel duty, one of the biggest earners for the government, so they have to balance the books after a couple of years of pandemic spending and the chancellor is looking at where he can get his revenues from. at the moment, people are struggling and they need some help so i think a cut in duty is really called for. steve, thank you. a man who subjected his neighbours to years of anti social