Episode Details

Nexts CEO, Lord Wolfson, urges the government not to profit from soaring oil and gas prices due to the Middle East crisis. Fuel prices have surged, with petrol up nearly seventeen pence per liter and diesel around thirty-three pence. Retailers only make a six percent margin on petrol, while taxes like fuel duty and VAT take the majority. Politicians are pressuring the government to cut VAT on road fuels and ditch planned duty rises. Next reported a fifteen million pound hit from higher freight and fuel costs, potentially leading to a ten percent price increase. Despite strong profits, Middle East sales are now at risk. Inflation fears grow as oil prices reach one hundred five dollars a barrel and air cargo rates climb.

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