The Chancellor in his Budget today announced that duty on road fuels will remain at the current rate of 57.95 pence per litre.
A VAT rate of 20% is also charged on the total pump price of diesel and petrol.
In 2014, duty and VAT accounted on average for 62% of the price of fuel at the pump. Pre-tax pump prices in the UK have been consistently amongst the lowest in the EU over the last ten or more years.
Chris Hunt, Director General of the UK Petroleum Industry Association, commented: “Today’s announcement is welcome news for both motorists and hauliers.”
For more information on pump prices, click here.
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Notes to Editors:
1. UKPIA represents eight oil refining and marketing companies that operate the six major oil refineries in the UK and source over 85% of the transport fuels used. UKPIA members also own around 1,800 of the 8,591 filling stations in the UK.
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