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UK government agrees fuel duty freeze for another year
Speaking at the Conservative Party Conference in Birmingham, UK Prime Minister Theresa May confirmed the UK Chancellor of the Exchequer Philip Hammond will once again freeze fuel duty in his Budget, to be announced later this October.
According to FairFuel UK, the UK currently has one of the highest fuel duties in the world at 57.95p/l, despite the freeze in 2011 to date. At 25 September 2018 spot exchange rates, German fuel duty comes in at 50.5 p/l and Australia at 21 p/l, while the US’ average level is 10.4 p/l. FairFuel UK also notes that had the fuel duty escalator continued as planned from 2011 onwards, fuel duty today would be 83.33 p/l rather than 57.95p/l, 43.8% higher, translating to overall fuel prices being 24% higher.
News Item details
Journal title: Petroleum Review
Keywords: Energy
Countries: UK -
Subjects: Policy and Governance, Forecourt retailing, Road fuel prices
