The cancellation of a planned rise in fuel duty announced by the Chancellor Rishi Sunak in today’s Budget has been welcomed.
Raising fuel duty in this week’s Autumn Budget would be ‘economically imprudent’ the PRA has claimed in a letter to the Chancellor, as pump prices reached levels.
The RAC is pointing the finger at fuel retailers for contributing to the average price of petrol reaching a new record high of 142.94p yesterday (Sunday 24 October); and is calling on the government to temporarily reduce VAT.
The health of the European refined products market is steadily improving as vaccine roll-outs continue to gather pace and demand slowly returns, but plenty of hurdles remain before the industry can breathe a sigh of relief.
Low refinery runs and firm export demand have tightened European road fuel supply this winter, even as strict Covid-19 travel restrictions returned. European refineries responded to the return of Covid restrictions by slashing runs on an unprecedented level.
Fuel prices - January 2021
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