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11.01.21

January update - lockdown, brexit and RTFO

Latest lockdown

The most recent lockdown, brought into effect in early January, is once again impacting businesses throughout the UK but as a key service provider Mabanaft remains open for business. We are committed to delivering the highest levels of support to our customers despite the challenges created by the pandemic and currently hold increased stock levels in several locations to help ensure both security of supply and certainty over pricing.

Brexit

Since Mabanaft imports a certain percentage of road fuel and domestic heating oil from the EU we are very pleased with the outcome of the free trade deal that has been brokered as it means no new import tariffs or quotas will be introduced. 

Renewable Transport Fuels Obligation (RTFO)

Changes to the UK’s Renewable Transport Fuels Obligation (RTFO) came into effect on the 1st of January 2021. The renewable obligation rate increased from 10.803% to 11.235%, the development fuel obligation rate increased from 0.166% to 0.556% and the greenhouse gas emissions reduction target has been removed. This has impacted pricing on obligated products for all customers however Mabanaft will work to minimise the increase in whatever way possible in order to continue delivering value.

Blending biofuels is seen as one of the most effective ways of reducing carbon emissions and these directives are designed to move us towards decarbonisation. 2021 will also see Mabanaft exploring additional ways to source and supply other advanced fuels in line with our long-term objective of making our activities as safe and environmentally friendly as possible.

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Key Facts

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