Tuesday 30 January 2024

Increasing fuel prices vital for net zero, says refinery chief

Increasing fuel prices vital for net zero, says refinery chief

Tony Fountain, the head of EET Fuels, is urging for an increase in petrol and diesel prices to help the UK reach its net zero goals.

The company, overseeing Stanlow Refinery, plans a significant £2 billion investment to turn it into a "green refinery."

This transformation involves using hydrogen and carbon capture to reduce emissions.

Mr Fountain acknowledges the need for considerable investment in green technology, with the costs expected to be passed on to consumers.

Tony Fountain said: "We, as an industry, don't have big margins so we have to pass through the costs. We are talking about a few pence per litre. For us, a few extra pence a litre is a big deal but in the context of the overall price of diesel, it's not so much. It's single-digit pence per litre."

A few days ago, Siemens Energy Chairman, Joe Kaeser, insisted that higher energy bills are necessary for a smooth transition to a green economy.

Written by

Sumit Bose

Trending Articles