With petrol prices reaching an all-time high, Chancellor Rishi Sunak is expected to announce a cut to fuel duty. But how much will that help?
Why you can trust Sky News
The average price of petrol has shot up to an all-time high of 165.37p a litre, an increase of more than 55% in the last two years. Diesel has also risen by a similar proportion to 177.47p per litre, according to figures compiled by the government.Then, just under two years ago, petrol prices reached a four-year low as theBut more recently, wholesale costs have been rising sharply, partly made more extreme byA significant proportion of the cost of petrol and diesel goes on tax.
It currently costs £91.87 to fill a 55-litre tank. A 5p cut in the fuel duty is likely to lead to a 6p saving per litre and £3.30 saving per tank.The government currently earns about 10p more per litre of petrol through VAT than it did in May 2020 - equivalent to about £5.42 extra on the cost of a whole tank.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I have to walk 45 minutes to buy food to save money on petrolEVEN on a Sunday morning, MP Robert Halfon’s inbox is flooded with desperate messages from hard-working families who can no longer make ends meet. Sitting in front of his laptop, the Tory member fo…
Read more »
Scott Morrison signals budget measures to counter soaring petrol prices and cost of livingPrime minister says government ‘very conscious’ of the impacts of fuel prices as Liberals ponder SA election loss
Read more »
Fuel prices hit new record high again as average cost of litre of petrol is 167pFuel prices in the UK have hit a new record high, with the average cost of petrol at £1.67 a litre and diesel £1.79 a litre.
Read more »
Cut fuel duty by AT LEAST 5p to help Brits beat price hikes, MPs urge RishiRISHI Sunak was last night urged to slash fuel duty by at least 5p a litre to help motorists. The Chancellor has come under pressure as prices have risen by around 20p a litre in the past month alo…
Read more »