Question to the HM Treasury:

To ask the Chancellor of the Exchequer, when her Department plans to respond to the consultation on the Oil and gas price mechanism, which closed on 28 May 2025.

The government is committed to providing long-term certainty to the oil and gas sector over the future fiscal regime. That is why the Oil and Gas Price Mechanism consultation, published on 5 March 2025, explored proposals for how the tax system should respond to unusually high prices after the Energy Profits Levy (EPL) ends in March 2030 (or sooner if the Energy Security Investment Mechanism or ESIM is triggered).

As the consultation window is now closed, responses from stakeholders are being reviewed. Next steps will be announced in due course.