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Budget 2012

UK Petroleum Industry Association

21  March 2012

PRESS RELEASE

The Chancellor in his Budget today announced no changes to fuel duty plans already set out in the Autumn Statement:

The 3.02 pence per litre fuel duty increase that was due to take effect on 1 January 2012 is to take effect on 1 August 2012.

The increase that was planned for 1 August 2012, expected to be 1.92 pence per litre, will be cancelled.

On 1 August 2012, the duty rate for leaded petrol and compressed natural gas will change by the same monetary amount as main fuel duty, and the duty rate for aviation gasoline and rebated oils will change in proportion to the main rate. The duty differential for liquefied petroleum gas will be maintained until 1 August 2012, when it will be reduced by 1 ppl.

 

As announced at Budget 2011, the Government will introduce a Fair Fuel Stabiliser (FFS) with effect from 21 March 2012. The trigger price will be set at £45 sterling (being the rounded sterling equivalent of $75 based on the latest OBR exchange rate forecast for 2012). 

 

The Government will also consult on simplifying the CRC Energy Efficiency Scheme to reduce administrative burdens on business. Should very significant administrative savings not be deliverable, the Government will bring forward proposals in autumn 2012 to replace CRC revenues with an alternative environmental tax, and will engage with business before then to identify potential options.

For more details click here

Ends

Enquiries to :

Nick Vandervell, Tel. 020 7269 7604

Notes to editors:

1. UKPIA represents nine oil refining and marketing companies that operate the 8 major oil refineries in the UK; the refineries processed 73 million tonnes of crude oil and produced 75.4 million tonnes of refined products in 2010 (Source: DECC- DUKES data). UKPIA members also own around 2,200 of the 8,706 filling stations in the UK.

 

 

 

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