Source: Sharecast
As the Middle East crisis continues to unfold, attacks on vessels and supply disruptions in the critical Strait of Hormuz have pushed the price of Brent crude above $100 a barrel for the first time since Russia began its assault on Ukraine in 2022.
Brent, up 0.1% on the day at $100.48 a barrel, saw its biggest intraday surge in history (29%) on Monday, reaching a multi-year high of $119.50 before quickly erasing gains. Oil had traded within the $65-70 range in February before the conflict began.
With reports of petrol prices ranging from 120p to 180p across the country, Reeves set a meeting with the PRA to warn of profiteering, saying she "not tolerate any company exploiting the current situation to make excess profits".
The chancellor has also reportedly written to the Competition and Markets Authority to watch out for retailers setting "unjustifiable prices".
"I'm backing drivers and families — and I expect a fair deal at the pump," Reeves said.
The Downing Street meeting, between PRA executive director Gordon Balmer, Reeves and energy secretary Ed Milliband, had been temporarily called off earlier in the day, after the PRA accused the government of using "inflammatory language" that has led to attacks on petrol retailers already working on "razor thin" or negative margins.
“Recently, I have heard of incidents from some of our members of retail staff being abused by members of the public, who may have been provoked by the incorrect and inflammatory language emanating from some commentators, for example, the use of the terms ‘rip offs’ and ‘profiteering’," Balmer said in a statement on X, which has since been deleted.
However, it is now understood that the meeting is back on, according to a Sky News report at 1429 GMT, less than an hour after the PRA pulled out.