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Interest in forward fuel pricing brings Budget duty warning >More in © Tim Scrivener Rising crude oil markets have led to early enquiries to forward-fix red diesel prices. However, suppliers and buying groups warn that the 3 March Budget could bring higher fuel duties. The premium to fix for harvest and autumn 2021 currently averages about 2p/litre, but varies widely depending on suppliers’ opinions of how oil markets will develop. Farm fuel prices have been on an upward trend since early November, having been lower than 42p/litre throughout October . This gathered pace recently as oil prices rose, putting spot deliveries at between 48.5p/litre and 52.5p/litre at the time of publishing, with the range reflecting volume and location. This was just over 1% higher on the previous week’s levels and matched year-ago levels.

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