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Soaring fuel prices are forcing motorists to cut back on everyday spending and adding tens of thousands of pounds a week to business costs, with petrol at its highest level since November 2022.

Drivers say they are changing their spending habits to cope with rising costs at the pump, while businesses warn higher fuel bills are placing increasing pressure on their finances.

Petrol prices rose to an average of 161.3p per litre between July and August, according to the Office for National Statistics (ONS), the highest level recorded since November 2022, when Russia’s invasion of Ukraine pushed up global energy costs.

Diesel is also expected to top £2 per litre in the coming days.

Among those feeling the impact is Arvander Pabla in Willenhall, in the West Midlands, who drives a lot every day and says rising fuel costs have forced him to make cutbacks elsewhere.

“I do nearly 70, 75 miles per day, and it has really affected me price wise, because it has nearly gone double,” he said.

To create more room in his budget for fuel, he said he had reduced spending on takeaways and eating out, and was considering replacing his car with a more fuel-efficient vehicle.

A Surrey council is poised to set aside £150,000 to support its most vulnerable residents through the winter months.

Tandridge District Council plans to run its winter support scheme for another year, giving eligible residents money to help with essentials and bills.

Councillors on the strategy and resources committee are due to consider the proposals this week, according to the Local Democracy Reporting Service.

“Each past scheme has helped nearly 500 households,” a report issued ahead of Thursday’s meeting says.

Those applying for the support must be a householder aged 16 or over, have their primary residence in the Tandridge District Council area and be struggling to meet their essential short-term needs.

Several categories of residents will be prioritised for aid, including those with dependent children, those with disabilities, pensioners, carers, those at risk of homelessness and victims of domestic abuse.

Council officers will assess any application for support and decide on each case based on “local economic factors and arrangements in place with other agencies”.

The report adds the scheme will be fully funded by Tandridge District Council using allocated funds.

Applications would open on 9 November if the renewed programme is approved.

“Awards will not normally exceed £150 for households without children and £250 for households containing children,” the report adds.

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According to an exchange filing, the company announced that it has secured one order in Rajasthan totaling 534.3 MWp from a leading IPP in India and another order for two BESS projects totaling 616 MWh energy storage capacity in South Africa from a leading Middle East-based renewable energy projects developer.

The company further said that the Rajasthan order is from a new customer, which reaffirms the industry’s trust in SWREL’s project execution capabilities, whereas the South African order is from a repeat customer, giving them the confidence to award this marquee project’s execution to the company.

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The Rajasthan project involves the Balance of System (BOS) package and the South Africa order is for a BESS turnkey EPC wrap project. The Rajasthan project’s capacity is estimated to reduce CO2 emissions by approximately 0.80 million tonnes upon commissioning.

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The company also informed that the South African order is the second largest utility-scale BESS project to be undertaken by SWREL.
These new order wins further reinforce the company’s position as one of the foremost players in the global renewable energy sector.“We are delighted to have received two prestigious orders each in Rajasthan and South Africa. Together, these orders reinforce the momentum in our business and the confidence customers place in our capabilities. They also demonstrate the strength of our customer relationships, built on consistent project execution, domain expertise and the skilled manpower we have developed over the years,” said Chandra Kishore Thakur, Global CEO, Sterling and Wilson Renewable Energy.

Sterling and Wilson Renewable Energy share price movement

In the last one month, shares of Sterling and Wilson Renewable Energy were down 4.53% and nearly 14.67% in the current calendar year so far. In the last one year, the stock was down 30.85%.

The stock was down 48.88% in the last three years and nearly 50.49% in the last five years.

Disclaimer: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor. Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

Small businesses are bearing the brunt of rising fuel prices, the owner of a haulage company has said.

Noel Lewis, who runs Lewis Light Haulage & Storage in Stourport-on-Severn, Worcestershire, said he was having to absorb thousands of pounds a month in extra costs due to the price of fuel.

His comments come as fuel prices – driven by conflict in the Middle East – reach their highest point since 2022, with diesel averaging at £1.92 per litre according to the RAC.

A Treasury spokesperson said the government continued “to protect the British people and businesses from this crisis”.

“This means drivers benefit from the extension of the 5p fuel duty cut, with diesel 11p per litre cheaper until the end of the year than it would have been compared to plans inherited from the previous government,” they added.

Hauliers would also benefit from a 12-month road tax “holiday”, the spokesperson said.

With six vehicles run by his company, Lewis said he was now facing around £1,200 in extra fuel costs per week.

Smaller businesses like his, he said, were now struggling to compete with larger firms with “bigger buying power on their fuel”.

“They have the economies of scale working in their favour […] if you put your prices up somebody might come in and be able to suffer that cost for a few weeks, just to knock you out the game,” he said.