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HM Revenue & Customs has confirmed that it will publish new advisory fuel rates "shortly", in light of the recent massive hikes in fuel prices.
The rates, paid to company car drivers to reimburse fuel used on work business, have been heavily criticised by fleet manager's trade association ACFO for being severely out of date and leaving drivers out of pocket. The last revision was announced in November for a 1 December activation date, when the rates were set using a petrol price per litre of 119.0p and diesel at 122.7, compared to the latest average fuel price figures from fuel card supplier Arval that put petrol at 128.5p and diesel at 133.6p.
HMRC reserved the right to adjust rates between its regular 1 June and 1 December changes, if prices moved by more than 5%.
Check back to www.businesscar.co.uk for the latest as soon as the new rates are announced, which is expected to bbe near the end of February.
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