Energy: Prices

Foreign, Commonwealth and Development Office written question – answered on 27th September 2022.

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Photo of Damien Moore Damien Moore Assistant Whip

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what progress she made with her G7 counterparts following the summit in Bavaria, Germany on tackling the global increases in energy prices.

Photo of Vicky Ford Vicky Ford Minister of State (Foreign, Commonwealth and Development Office) (Minister for Development)

We are working closely with our G7 and other likeminded partners to support global energy security and stabilise economic recovery. For example, on 2 September, G7 Finance Ministers announced their intention to introduce an oil price cap mechanism related to Russian oil. The cap consists of a ban on services related to the maritime transport of Russian oil products sold above a collectively-agreed price cap, with an exception for those sold below the cap. It aims to reduce Russian energy revenues while avoiding a spike in global prices. On 8 September, the UK announced an 'Energy Price Guarantee' and a new Energy Supply Taskforce which will negotiate with domestic and international suppliers to agree long-term contracts that reduce the price they charge for energy and increase the security of its supply to help tackle rising energy prices. Other members of the G7 are exploring similar domestic packages.

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