Car-Insurance-UK-Supermarket.co.uk
compare online quotes the easy way
|
||||
|
||||
Fuel Duty reduced in Budget23 Feb 2011by Emma Jamieson In his budget speech, the Chancellor today made a great play of trying to help hard-pressed citizens by reducing the duty on fuel by 1p per litre. As he also delayed the inflationary increase in duty proposed for April until next year, this package prevents an increase in 4p to the cost per litre of petrol which would otherwise have occured next month. While this is a help, the recent VAT increase added 3p to the cost per litre while ever-increasing Brent crude prices owing to the unrest in the Middle East will quickly swallow up any short-term drops in the cost of fuel at the pumps. Indeed, the motorist can expect to see further increases in the price of petrol during the course of the year. The Chancellor, George Osborne, announced that he would indeed be introducing a fair fuel [price] stabaliser and would increase tax on North Sea oil revenues to the tune of £2bn per year. This extra income would be used to help avoid future fuel duty increases at the pumps. Certainly, without this decision to reduce the tax burden on fuel, motorists would have been even harder hit in terms of the cost of a litre than will now occur due to rising oil prices and this has to be something of a relief for drivers. To further reduce motoring costs you can check out our car insurance prices via our links below. |
||||
|
