Fuel duty increases should be off-limits during next Budget, says FTA
21 May 2015
Author: Daniel Puddicombe
The Freight Transport Association is warning that the Chancellor, George Osborne, could announce fuel duty increases as part of his summer Budget on 8 July.
The FTA is calling for a 3p/litre cut in fuel duty to help drive an economic recovery. It calculates that if 3p/litre was cut off the price of fuel commercial vehicle operators would be £360 million a year better off, particularly small and medium-size companies.
"The reality is that a 40% drop in crude oil prices has only resulted in an 11% decrease in bulk diesel prices paid by a majority of fleets and even lower reductions at the forecourt as retailers have sought to increase their margins," said James Hookham, FTA deputy chief executive. "The Chancellor needs to understand that fuel duty is still off-limits as he considers his Budget statement in July."