Petrol Price Rises and NS&I

This episode of Money Box explores two major financial issues affecting UK households: the sharp rise in petrol and diesel prices due to ongoing geopolitical tensions in the Middle East, and a systemic failure by National Savings and Investments (NS&I) to distribute nearly half a billion pounds in savings to the heirs of deceased customers. The fuel price surge—now at £1.78 per litre for diesel and over £1.50 for petrol—has hit drivers hard, with many reporting increased costs for daily commutes and trips. Experts like AA president Edmund King explain how global oil prices, exchange rates, taxes, and market speculation drive pump prices, while also highlighting significant regional price variations that consumers can exploit using apps. Meanwhile, NS&I admits it failed to trace tens of thousands of deceased customers’ accounts, delaying payouts despite having the funds securely held. Treasury Minister Torsten Bell confirmed the issue affects up to 37,500 people, and NS&I has launched a recovery programme with additional staff and a promised delivery plan. The government has pledged to waive penalties and interest on late tax filings, and no fees should be paid to third parties. In a separate but equally troubling story, retired civil servants continue to face severe delays in accessing their pensions after Capita took over the scheme, with MPs criticizing the company’s repeated apologies and lack of accountability. A coalition of financial charities is now calling for mandatory financial literacy testing for 15-year-olds, using the PISA model, to address widespread confusion and poor financial decision-making among young people, which they estimate costs households £640 annually. The episode concludes with a reminder that financial education is still underdeveloped in schools, despite its inclusion in the curriculum since 2014.