Rising cost of fuel

The video discusses the rising fuel prices and the factors contributing to this increase, such as global crude oil prices and the gap between crude oil and wholesale prices. The CMA is conducting a market study to investigate these issues further. Despite a drop in wholesale fuel prices, retail prices remain high, leading to consumer protests. The government is urged to cut taxes, but significant price reductions are unlikely soon.

What are the two main factors identified as driving up fuel prices?

• Increase in global crude oil prices and retail margins

• Retail margins and the falling value of the pound

• Increase in global crude oil prices and the gap between crude oil and wholesale prices

• The gap between crude oil and wholesale prices and retail margins

According to the CMA, what has remained largely unchanged despite rising fuel prices?

• The value of the pound

• The margin between wholesale and retail prices

• The retail price of petrol and diesel

• The global crude oil prices

What action has the CMA suggested to help motorists with fuel prices?

• Increasing VAT

• Cutting fuel duty

• Reducing wholesale prices

• Sharing real-time price information

What percentage of the price of a litre is made up of VAT and fuel duty after a 5% VAT reduction?

• 35%

• 40%

• 45%

• 50%

How long might it take for the CMA to report back on their investigation?

• Six months

• Two years

• One year

• Three months