Friday 28th Oct 2016 - Logistics Manager

Fuel prices set to rise after chancellor rejects budget freeze

Fuel duty is set rise in August after chancellor George Osborne decided not change his plans for fuel duty the budget today.

A 3.02p per litre rise is due in August which could take the price of diesel up to £1.50 per litre. The price of petrol could go up to 145p a litre.

Vehicle excise duty is to be frozen for commercial vehicles.

Quentin Willson, national spokesman for FairFuelUK said: “In failing to act on petrol and diesel prices the government has turned its back on families and businesses all across the country. This ignores three quarters of the electorate who want lower fuel prices. It ignores the threat of rising global oil prices – even the Saudis are trying to pull down the price of crude.

“And it ignores robust research we gave to the PM showing that cutting duty will create jobs, improve GDP and cost the Treasury absolutely nothing. This is a mortal wound for this Government’s policies and its credibility. We showed them that cutting fuel duty by 2.5p would create 175,000 new jobs – how many jobs will be destroyed when the Government slaps 16p per gallon on in August?”

The chancellor plans to introduce a fair fuel stabiliser to limit tax rises when the price of oil is increasingly rapidly.