Business
‘Sheer fantasy’ to claim draining North Sea oil would would cut bills – experts
Claims that drilling in the North Sea will significantly save households money are “sheer fantasy”, experts have warned as analysis showed renewables could cut bills by hundreds of pounds.
Analysis by the University of Oxford Smith School showed a UK fully powered by renewable energy, with electricity coming from clean sources and people using technology such as electric heat pumps for their home heating, could save households up to £441 a year on bills.
In contrast, maximising oil and gas extraction from the North Sea would save households just £16 to £82 a year – and that saving would only be delivered if the tax revenues collected from fossil fuel companies were redistributed to families to offset their energy bills.
If the Government did not use the tax revenues it collects from North Sea drilling solely to help lower household bills, there would be “no discernible benefit” to consumers at all as oil and gas prices are set by volatile international markets, the analysts said.
Dr Anupama Sen, co-author and head of policy engagement at the Smith School of Enterprise and the Environment, said: “The idea that draining the North Sea would make the UK more energy secure or significantly save on household bills is sheer fantasy.
“We show that regardless of the remaining lifetime of North Sea oil and gas, a ‘drill baby drill’ approach to extraction would actually cost households more money versus continuing on our path to clean energy.”
The analysis comes amid soaring energy prices as a result of the US-Israeli war on Iran which has closed the Strait of Hormuz – a key shipping route for oil and gas supplies – roiling energy markets.
Energy costs look set to jump in the next price cap in the latest blow for households, particularly those on low incomes, who have been hit by the Covid-19 pandemic and Russia’s invasion of Ukraine which have led to high and volatile prices.
The UK Government’s reaction to the latest spike in fossil fuel prices has been to double down on the push to clean energy, while hinting at measures to ease pressure on households, such as cancelling planned fuel duty rises later this year.
It has announced that it will make plug-in solar panels for people to put on balconies and outdoor spaces available in the UK for the first time and is bringing forward the latest auction for contracts to supply electricity at fixed prices from renewables such as solar farms and offshore wind.
But there have been calls from the Tories and Reform UK to increase supplies of oil and gas from the North Sea, and to bring down bills by scrapping measures to help the UK shift to a “net-zero” clean economy, such as new renewables and heat pump subsidies.
US President Donald Trump has also weighed into the debate, repeatedly criticising wind power and urging the British Government to focus on drilling in the North Sea, despite it being a declining oil and gas basin.
The analysis found that if the remaining North Sea oil and gas resources were fully exploited and the revenues from a “realistic” tax take were directly redistributed to households, it could save £82 on an average bill.
If the Government scrapped the windfall tax on North Sea oil and gas company profits, those annual savings – if remaining taxes were handed over to households – would fall to just £16.
However, if all UK households switched to renewable energy, bills could be reduced by £105 to £441 depending on the extent of electrification and how bills are designed.
The analysis said the savings are based on energy prices in January before the US and Israel launched their attack on Iran, with oil and gas prices lower than they are now, and are therefore “conservative” estimates of the benefit of renewables.
And they are recurring once the system switches over, while North Sea oil and gas are a finite resource.
If electricity is dominated by renewables, they will set the price of power – unlike today’s world, where it is mostly set by gas – bringing down bills by £105 for those on dual-fuel bills.
But if households electrify, for example by replacing gas boilers with heat pumps, they could save £330 a year on their bills, and if electricity bills were rebalanced so that policy costs were taken into general taxation, it would deliver savings of about £441 a year.
Co-author Cassandra Etter-Wenzel said: “Achieving this requires upfront investment – especially for heat pumps and insulation – and therefore depends on effective subsidy and financing mechanisms, particularly for low-income households.”
Dr Sen added: “Heat pumps are particularly important for reducing bills because they are much more efficient than gas boilers”, producing about three units of heat for every unit of electricity they use, compared to less than one unit of heat per unit of gas in boilers.
Business
Gross GST collections hit record high of Rs 2.43 lakh crore in April 2026 despite US-Iran war concerns – The Times of India
GST collections: The gross Goods and Services Tax (GST) collections touched a new high in April, reflecting continued strength in economic activity even in the midst of the ongoing Middle East conflict.According to government data released on Friday, gross GST revenue for the month reached a record Rs 2.43 lakh crore, registering an 8.7% increase over Rs 2.23 lakh crore collected in April last year.After accounting for refunds, net GST collections stood at Rs 2.11 lakh crore, up 7.3% from the corresponding period a year earlier.Refund disbursements during the month rose sharply, climbing 19.3% year-on-year to Rs 31,793 crore.As a result, net GST revenue for April 2026 came in at Rs 2,10,909 crore.Robust revenues from imports played a major role in driving GST collections during the month. Gross receipts from imports climbed sharply by 25.8% to Rs 57,580 crore, while gross domestic GST collections recorded a comparatively moderate increase of 4.3%, reaching Rs 1.85 lakh crore.The net GST revenue from imports surged 42.9%, significantly outpacing the marginal 0.3% rise in net domestic collections.The April performance follows a strong showing in March, when net GST collections stood at Rs 1.78 lakh crore, up 8.2% from a year earlier. Gross collections in that month had also crossed the Rs 2 lakh crore mark.For the full financial year 2025-26, gross GST revenue increased 8.3% year-on-year to Rs 22.27 lakh crore. Net GST collections for the year rose 7.1% to Rs 19.34 lakh crore.Major contributors such as Maharashtra, Karnataka and Gujarat continued to account for a substantial share of total collections.
NEW DELHI: Government on Friday increased the price Aviation Turbine Fuel for international airlines by 5 per cent.This is the second straight monthly rise amid the global energy crisis.However, there is no change in the ATF price for domestic airlines.ATF prices have been increased by USD 76.55 per kilolitre, or 5.33 per cent, to USD 1511.86 per kl in Delhi, home, according to state-owned oil firms.Under this mechanism, foreign airlines and other carriers will pay market-linked rates, while prices for domestic airlines have been moderated, new agency PTI reported, citing sources.Earlier on April 1, rates for domestic airlines were hiked by 25 per cent to Rs 104,927.18 per kl.Jet fuel prices were deregulated more than two decades ago and have since been linked to international benchmark rates under a written understanding with airlines.However, a surge in global energy prices triggered by the West Asia crisis led to what sources described as the steepest-ever hike in ATF rates, prompting the government and state-run oil companies to take a calibrated approach.Jet fuel prices were deregulated more than two decades ago and have since been linked to international benchmark rates under a written understanding with airlines.
Business
Windfall gains tax cut: Excise duty on diesel exports down to Rs 23/litre, ATF exports to Rs 33/litre – The Times of India
The windfall tax on exports of diesel and aviation turbine fuel (ATF) has been lowered effective May 1, 2026. The excise duty on petrol and diesel sold in the domestic market will remain unchanged. The levy on diesel exports has been reduced to Rs 23 per litre from Rs 55.5 per litre, while the duty on ATF exports has been cut to Rs 33 per litre from the earlier Rs 42 per litre.In a statement, the Finance Ministry also announced that the road and infrastructure cess on diesel exports will be waived for the next fortnight starting May 1. Meanwhile, the export duty on petrol will continue to remain at zero.Earlier, on March 26, the government had imposed export duties of Rs 21.50 per litre on diesel and Rs 29.5 per litre on ATF. These rates were subsequently increased during a review on April 11 to Rs 55.5 per litre for diesel and Rs 42 per litre for ATF.The windfall tax was introduced to ensure that adequate domestic supplies of petroleum products remain available amid supply disruptions arising from the conflict involving the United States, Israel and Iran. It was also intended to prevent exporters from profiting excessively from the widening gap between domestic and international fuel prices as global crude markets rallied sharply.According to the ministry, the export duty framework is aimed at discouraging excessive overseas shipments during the ongoing West Asia crisis, thereby safeguarding domestic fuel availability.Following military strikes by the United States and Israel on Iran on February 28, Tehran responded with extensive retaliation, escalating tensions across the Middle East. India’s oil supply through the Strait of Hormuz remains affected, but its diversified procurement basket and the availability of millions of barrels of Russian crude on water have helped ease the supply bottlenecks for now.Since the outbreak of the conflict, crude oil prices have climbed steeply, rising from around $73 a barrel to a four-year high of $126 a barrel.
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