UK petrol taxes increase with oil price surge, John Redwood says

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12.03.2026

UK petrol taxes increase with oil price surge, John Redwood says — UK petrol taxes rise on oil surge

As oil prices continue to climb, the value-added tax (VAT) imposed on petrol is also increasing. John Redwood highlights that 55% of petrol price in the UK consists of taxes charged by the government.

Redwood urges the UK government to reduce its tax burden on petrol while oil prices remain elevated, arguing that this would provide relief to consumers facing higher fuel costs.

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Redwood’s calls for tax reductions on fuel align with his broader concerns over policy-driven impacts on household finances, having previously attributed elevated UK interest and mortgage rates to persistent government borrowing and central bank policies in his analysis of government borrowing and mortgage rates. The latest rise in petrol prices also follows geopolitical tensions, notably highlighted when Israeli strikes on Iranian oil facilities led to renewed volatility in energy markets and amplified supply security anxieties for the UK.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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