Forecourt Trader - 30 years at the heart of the fuel retailing community

Madderson updates Chancellor ahead of Budget

11 March, 2011

Chairman of RMI Petrol Brian Madderson has written to Chancellor George Osborne highlighting serious issues that must be considered ahead of the Budget.

The letter underlined significant evidence of consumer distress including more forecourt crime, 40% increase in breakdowns due to fuel run-outs, increase in cash purchases due to consumers struggling to manage budgets, and reduction of average fill volumes.

It also highlighted evidence of business distress with forecourt operators keeping fuel stocks at lowest ever due to cashflow and hauliers are not replacing vehicle fleets.

RMI Petrol has been advised by City sources that the Treasury could benefit from a windfall tax gain of more than £4.3bn per year from North Sea oil revenues, and it now estimates that a further £2.2bn is to be gained from the new 20% VAT rate on higher retail prices at the pump. Overall, the Treasury could benefit by more than £6.5bn in extra tax.

Said Madderson: “RMI Petrol calls for the Chancellor in his 23rd March Budget to not only abandon the Labour legacy of the fuel duty escalator which could see 5ppl duty engulf the UK on 1 April, but also to roll back duty by 2ppl to kick start the economy while the Middle East crisis continues.”





My Account

You are not logged in.
  • Weekly
    Retail
  • Weekly
    wholesale
  • Daily
    Average
Weekly retail fuel prices: 8 January 2018
RegionDieselLPGSuper ULUL
East124.4164.90131.34121.66
East Midlands123.8066.90131.14121.04
London124.4060.40131.83121.67
North East123.33133.44120.61
North West123.5767.90129.17120.84
Northern Ireland122.86127.40120.59
Scotland124.06129.25120.82
South East124.6153.90132.50122.01
South West124.13130.16121.34
Wales123.72130.06120.60
West Midlands123.2263.57132.28120.53
Yorkshire & Humber123.3079.90131.79120.82

Most read

Are you feeling positive about the opportunities for growing your business in 2018?