Fuel retailers have dismissed claims that drivers are being overcharged following a surge in pump prices.
Data released by the RAC on Wednesday showed an 8p per litre surge in the cost of diesel last month to a new average of 163.1p.
Petrol prices rose by nearly 5p per litre to 157p.
The motoring group blamed the continued hikes on production cuts agreed by the Opec+ group of oil-producing nations, which have helped send Brent crude oil costs up since July.
A barrel stood at around $72 then.
It has nudged towards $100 in recent weeks and currently stands at $90, placing greater upward pressure on inflation more widely as the additional bills only add to the cost of living crisis.
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‘Constrained’ oil supply in the coming months
Because oil is priced in dollars, a weakening of the pound against the US currency has also contributed to the additional bills at the fuel pump.
RAC fuel spokesman, Simon Williams, said: “Our analysis of RAC Fuel Watch wholesale and retail data shows that petrol is currently overpriced by around 7p a litre, although the price of diesel is likely to go up further still in the coming weeks.
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“It’s worrying that retailer margin across the UK is higher for petrol than it should be considering the big four supermarkets were told off by the Competition and Markets Authority for overcharging drivers by £900m in 2022.
“While many have voluntarily started to publish their prices ahead of being mandated to in law, we still have a situation where wholesale price changes aren’t being fairly reflected on the forecourt.”
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July: ‘Motorists are not getting the best deal possible’
The RAC’s conclusion was dismissed by the Petrol Retailers Association (PRA) which represents non-supermarket, independent, forecourts and has almost two-thirds of the fuel market.
Its executive director Gordon Balmer said: “Contrary to claims made by the RAC, our members are not unjustifiably pricing petrol higher than needed.
“Fuel margins have been under pressure due to increased operational costs that our members have had to bear.
“To address rising labour expenses, energy costs, and the highest inflation rates in recent years and reduced fuel sales, margins have inevitably increased.
“Attempting to whip up public anger by suggesting otherwise is deeply irresponsible.”
He added: “The PRA remains committed to advocate for our members and promote transparency within the sector.
“We are willing to engage with any mediator to facilitate a constructive and informed dialogue on these critical issues.”
The government is preparing to sell the final publicly owned shares in NatWest Group on Friday, drawing a line under one of the world’s biggest bank bailouts after nearly 17 years.
Sky News understands that the Treasury is preparing to offload its remaining stake – which is down to roughly 0.1% – in the coming hours, with a public statement likely either later on Friday or on Monday morning.
Sources cautioned that the timings were still subject to change.
The final disposal of a stake which at one point represented more than 80% of NatWest’s share capital has been anticipated for weeks.
Last week, Sky News reported that British taxpayers were heading for a loss of just over £10bn on the 2008 rescue of NatWest, then known as Royal Bank of Scotland (RBS), having pumped £45.5bn into the lender to prevent it – and the wider UK financial system – collapsing.
Confirmation of the sale of the Treasury’s final interest in NatWest will come almost 17 years after the then chancellor, Lord Darling, conducted what RBS’s boss at the time, Fred Goodwin, labelled “a drive-by shooting”.
Total proceeds from a government trading plan launched in 2021 to drip-feed NatWest stock into the market have so far reached about £13bn, with the final tally likely to be about £13.2bn.
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In addition, institutional share sales and direct buybacks by NatWest of government-held stock have yielded a further £11.5bn.
Dividend payments to the Treasury during its ownership have totalled £4.9bn, while fees and other payments have generated another £5.6bn.
In aggregate, that means total proceeds from NatWest since 2008 are expected to hit £35.3bn.
Under Rick Haythornthwaite and Paul Thwaite, now the bank’s chairman and chief executive respectively, NatWest is now focused on driving growth across its business.
It recently tabled an £11bn bid to buy Santander UK, according to the Financial Times, although no talks are ongoing.
Mr Thwaite replaced Dame Alison Rose, who left amid the crisis sparked by the debanking scandal involving Nigel Farage, the Reform UK leader.
Sky News recently revealed that the bank and Mr Farage had reached an undisclosed settlement.
During the first five years of NatWest’s period in majority state ownership, the bank was run by Sir Stephen Hester, now the chairman of easyJet.
Sir Stephen stepped down amid tensions with the then chancellor, George Osborne, about how RBS – as it them was – should be run.
Lloyds Banking Group was also in partial state ownership for years, although taxpayers reaped a net gain of about £900m from that period.
Other lenders nationalised during the crisis included Bradford & Bingley, the bulk of which was sold to Santander UK, and Northern Rock, part of which was sold to Virgin Money – which in turn has been acquired by Nationwide.
A trade court in the US has blocked President Donald Trump from imposing sweeping global tariffs on imports.
The ruling from a three-judge panel at the Court of International Trade came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.
“The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,” the court wrote, referring to the 1977 International Emergency Economic Powers Act.
The White House is yet to respond.
The Trump administration is expected to appeal.
This breaking news story is being updated and more details will be published shortly.
You probably recall the stories about Leicester’s clothing industry in recent years: grim labour conditions, pay below the minimum wage, “dark factories” serving the fast fashion sector. What is less well known is what happened next. In short, the industry has cratered.
In the wake of the recurrent scandals over “sweatshop” conditions in Leicester, the majority of major brands have now abandoned the city, triggering an implosion in production in the place that once boasted that it “clothed the world”.
And now Leicester faces a further existential double-threat: competition from Chinese companies like Shein and Temu, and the impending arrival of cheap imports from India, following the recent trade deal signed with the UK. Many worry it could spell an end for the city’s fashion business altogether.
Gauging the scale of the recent collapse is challenging because many of the textile and apparel factories in Leicester are small operations that can start up and shut down rapidly, but according to data provided to Sky News by SP&KO, a consultancy founded by fashion sector veterans Kathy O’Driscoll and Simon Platts, the number has fallen from 1,500 in 2017 to just 96 this year. This 94% collapse comes amid growing concerns that British clothes-making more broadly is facing an existential crisis.
Image: A trade fair tries to reignite enthusiasm for the local clothing industry
In an in-depth investigation carried out over recent months, Sky News has visited sites in the city shut down in the face of a collapse of demand. Thousands of fashion workers are understood to have lost their jobs. Many factories lie empty, their machines gathering dust.
The vast majority of high street and fast fashion brands that once sourced their clothes in Leicester have now shifted their supply chains to North Africa and South Asia.
And a new report from UKFT – Britain’s fashion and textiles lobby group – has found that a staggering 95% of clothes companies have either trimmed or completely eliminated clothes manufacturing in the UK. Some 58% of brands, by turnover, now have an explicit policy not to source clothes from the UK.
Image: Seamstresses in one of the city’s former factories
Image: Clothing industry workers in Leicester
Jenny Holloway, chair of the Apparel & Textile Manufacturers Association, said: “We know of factories that were asked to become a potential supplier [to high street brands], got so far down the line, invested on sampling, invested time and money, policies, and then it’s like: ‘oh, sorry, we can’t use you, because Leicester is embargoed.'”
Tejas Shah, a third-generation manufacturer whose family company Shahtex used to make materials for Marks & Spencer, said: “I’ve spoken to brands in the past who, if I moved my factory 15 miles north into Loughborough, would be happy to work with me. But because I have an LE1, LE4 postcode, they don’t want to work for me.”
Image: Shahtex in Leicester used to make materials for Marks & Spencer
Image: Tejas Shah, of Leicester-based firm Shahtex
Threat of Chinese brands Shein and Temu
That pain has been exacerbated by a new phenomenon: the rise of Chinese fast fashion brands Shein and Temu.
They offer consumers ultra-cheap clothes and goods, made in Chinese factories and flown direct to UK households. And, thanks to a customs loophole known as “de minimis”, those goods don’t even incur tariffs when they arrive in the country.
Image: An online advert for Chinese fast fashion company Shein
According to Satvir Singh, who runs Our Fashion, one of the last remaining knitwear producers in the city, this threat could prove the final straw for Leicester’s garments sector.
“It is having an impact on our production – and I think the whole retail sector, at least for clothing, are feeling that pinch.”
Image: Inside one of the city’s remaining clothesmakers
While Donald Trump has threatened to abolish the loophole in the US, the UK has only announced a review with no timeline.
“If we look at what Trump’s done, he’s just thinking more about his local economy because he can see the long-term effects,” said Mr Singh. “I think [abolishing de minimis exceptions] will make a huge difference. I think ultimately it’s about a level playing field.”
A spokesperson for Temu told Sky News: “We welcome UK manufacturers and businesses to explore a low-cost way to grow with us. By the end of 2025, we expect half our UK sales to come from local sellers and local warehouses.”