Petrol prices: Howard Cox calls for cuts to fuel duty
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Almost 70 percent of drivers believe action is needed to support those coping with the sudden increases in prices. Diesel prices reached a record high at the pumps at an average price of 147.94p a litre, just a week after petrol prices hit an all-time high of 142.94p.
Prices for a litre of diesel have risen by 30p a litre over the last year, with a 55-litre tank of diesel now costing £81, up from £65 a year ago.
The RAC says this price increase will hit businesses the hardest, as the UK has 4.5 million, which mostly run on diesel, as well as 525,000 heavy goods vehicles.
New data has also shown that 69 percent of drivers want to see a drop in VAT rates, including 73 percent of over 55s supporting the idea.
The North East of England saw the highest level of agreement for lowering VAT with 78 percent, compared to 59 percent of those in Greater London.
Nick Zapolski, founder of Choosemycar.com, said the Government needs to address the growing demand for action as prices continue to climb.
He said: “It’s been a difficult time financially for many people as they continue to feel the effects of furlough, job losses and other financial implications from the pandemic.
“The last thing overstretched families and small businesses need right now is a further burden on their pockets – especially with Christmas just around the corner.
“Our research proves that the Government needs to take action now to ensure that spiralling fuel costs are mitigated by lower VAT.”
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According to the RAC, VAT makes up 24p of a litre of unleaded petrol and 24.56p for a litre of petrol.
For both petrol and diesel, the fuel duty makes up 57.95p per litre, and was recently frozen by Chancellor Rishi Sunak for the 12th consecutive year.
In response to the diesel price hikes, Howard Cox, the founder of FairFuelUK, said the Government should cut VAT and fuel duty to help drivers.
He said: “We predicted a month ago that pump prices would hit £1.50 per litre before the end of 2021.
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