March 11, 2009

Hike in Fuel Duty

Hard pressed drivers are soon to be hard hit with another fuel duty hike over the next few weeks, making an average family around £104 a year worse off. The government will soon take 71p tax from every £1 spent by motorists purchasing fuel.

This hike is set to make the Treasury an extra £3.8 million per day more tax from unleaded petrol then it did 2 years ago, duty on unleaded and diesel will rise by 1.84p to 54.19p a litre next month. That means roughly 71 per cent of the price of petrol will go to the government via fuel duty and VAT.

Fuel duty rose by 2p a litre in late 2007 and again by another 2p last Decemeber, this new rise of 1.84p will increase fuel prices by around 2p a litre after VAT.

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