Treasury postpones fuel duty rise
21 July 2004
The Government has decided to postpone the planned increase in fuel duty until November, when it will reconsider whether to up prices at the pumps.
The Government has decided to postpone the planned increase in fuel duty until November, when it will reconsider whether to up prices at the pumps.
The 1.42 pence per litre increase on duty, scheduled for September 1, has been put back by the Treasury because of continued volatility in the oil market and shortages in supplies.
Further consideration on upping the tax will be made in Chancellor Gordon Brown’s pre-Budget report, due in November.
The move has been welcomed by many groups including the Petrol Retailers Association, which said it still expected pump prices to increase further over the coming months in response to the rising cost of crude oil.
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