This just in, fuel duty has been cut by 1p! The Chancellor engineered this change to take place at 1800 hours, so you can now go to the pumps and see a whole 1p off per every litre that you buy.
Furthermore, the planned inflation rise in fuel duty which is due in April is to be delayed until 2012, meaning that in real terms, provided fuel is stablised at this rate we are seeing a small but real reduction.
Lastly, the annual 1p above inflation “fuel escalator” rise is now to be scrapped until 2015. Once again, this was simply what is sometimes called a ‘stealth tax’ as it is often overlooked by people but can really generate income for the government in a rather sneaky way.
So, are the changes above going to change your life? Not really, no. Frankly, the fact that there have been so many recent price increases, the 1p per litre reduction only takes us back in real pricing terms to about 1 month ago. It’s a good gesture though.
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