Government need to abandon their planned fuel duty increases in 2012 and focus on the faltering UK economy – RMI Petrol
The Government is currently sitting on plans, revealed in the 2011 Budget, to increase fuel duty on January 1 and 1 August 2012. This will increase retail prices by as much as 8.00 pence per litre (ppl) and will cost the consumer over £3.5bn a year.
Prices at the pump have remained stubbornly high this autumn with current averages of 135ppl for petrol and over 140ppl for diesel. With just a small upward adjustment to global oil prices, the UK will be facing average prices of 150ppl for diesel and 145ppl for petrol by next summer unless the Government reverses its plans to increase fuel duty.
Madderson said: ‘What will such increases do for inflation? What will they do to cash strapped consumers? What will they do for the declining retail sector? What will they do to re-ignite our stagnant economy?
‘The Chancellor must be persuaded now that it would be economic suicide to force through these drastic changes to fuel taxation in 2012. His “Autumn Statement”, provides the last opportunity to cancel the increase due on January 1. This is just a few weeks away. Cancelling the tax duty increase is the only sensible decision that the country urgently awaits.’For more of the latest industry news, click here.