The PRA has met with the Exchequer secretary Priti Patel to press its case for a 2ppl cut in fuel duty funded by a tax windfall from the increased fuel volumes.
At the meeting the PRA provided an analysis of Government data showing the overall volume of road fuels supplied increased by 1.6% to the end of September. If this trend continues, an extra £400m from excise duty would be produced.
PRA chairman Brian Madderson said: "The Prime Minister and Chancellor have recently pressed oil companies and retailers to reduce fuel prices on the back of plunging crude costs as £1 per litre comes ever closer. However, at this level, it exposes the fact that 75% of the pump price is Government tax.
"Far from being damaging, such a cut would be tax neutral and further stimulate the economy and job prospects."
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