Petrol prices: Howard Cox calls for cuts to fuel duty
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According to reports, Rishi Sunak is thought to have axed a 2.8p fuel duty rise in his Budget announcement tomorrow, although that could still change. The Chancellor will reportedly hold fuel duty at 57.95p per litre for the 12th year in a row after petrol prices at the pumps soared.
With petrol prices in the UK hitting record highs over the past few days, many drivers have called on the Government to lower rates to ease prices on motorists.
Fuel data has shown that the average price of petrol hit a new record high of 142.94p on October 24.
This exceeded the former record peak in April 2012, when the cost for a litre of petrol was 142.48p.
Howard Cox, the founder of FairFuelUK, said with soaring prices at the pumps, the Chancellor has “benefitted to the tune of an extra £1billion in VAT from the world’s highest taxed drivers filling up”.
The campaign argues that around 40 billion litres of petrol and diesel is sold each year, which equates to £1.86billion of VAT based on current pump prices.
They state that Chancellor Rishi Sunak could cut Fuel Duty by 3p and still benefit from extra VAT going to the Government.
Howard Cox said: “We are hearing that fuel duty is to be frozen in the October 27 Budget, for the 11th year in succession.
“That will be a relief, not a celebration.
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“Drivers being attacked by Clean Air Zones, LTNs, notably in London, the threat of the 2030 fossil fuel ban, the painful level of pump prices and being blamed for the environmental ills of the planet warrants a cut in fuel duty.
“In the last few days, over 40,000 FairFuelUK supporters have emailed the Chancellor and his Treasury Ministers calling for a significant cut in fuel duty.
“With the shock increase in National Insurance, the loss of £20 Universal Credit, the massive increase in energy prices, oil smashing past $86 and pump prices at their highest ever, any increase in Fuel Duty would be economically irresponsible, needless and a huge betrayal of newly won Tory converts outside of London.
“The last 12 months of eye-watering pump prices, seriously made worse by opportunistic fuel supply chain wholesalers, has given the Exchequer an unforeseen VAT windfall of more than £1billion.
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