23% Increase in Fuel Duty from March 2023

[gorgerak]

https://twitter.com/LiamHalligan/status/1593250257...

This not mentioned in todays budget speech - but in the details:

"The planned 23 per cent increase in the fuel duty rate in late-March 2023, which adds £5.7 billion to receipts next year. This would be a record cash increase, and the first time any government has raised fuel duty rates in cash terms since 1 January 2011. It is expected to raise the price of petrol and diesel by around 12 pence a litre"

12p/l increase from march 2023!!!! That is going to sting - likely back to the world of £2 per litre....

[kambites]

gorgerak said:

12p/l increase from march 2023!!!! That is going to sting - likely back to the world of £2 per litre....

It is, but given that fuel duty has been locked in absolute terms for 12 years, probably still below inflation over that entire period.

[sixor8]

Chap on GB News said we don't know how much it will be depending on oil prices....

He really should know how it is applied; duty is a fixed amount. Not subject to oil price or exchange rates. It was cut by 5p per litre in March, and 1p by Cameron / Osborne over 10 yrs ago, frozen in between. It hasn't been increased since 2009!

Unleaded and diesel duty was cut to 51.95 p per litre in March. A 23% increase from here is 11.95p per litre. Plus VAT of course if you have to pay it

I predict I'll be looking for an LPG car again......

[grudas]

• cries in v8*

[abzmike]

sixor8 said:

Chap on GB News said we don't know how much it will be depending on oil prices....

He really should know how it is applied; duty is a fixed amount. Not subject to oil price or exchange rates. It was cut by 5p per litre in March, and 1p by Cameron / Osborne over 10 yrs ago, frozen in between. It hasn't been increased since 2009!

Unleaded and diesel duty was cut to 51.95 p per litre in March. A 23% increase from here is 11.95p per litre. Plus VAT of course if you have to pay it

I predict I'll be looking for an LPG car again......

Well thats GB News for you... Always accurate

[Biggy Stardust]

kambites said:

It is, but given that fuel duty has been locked in absolute terms for 12 years, probably still below inflation over that entire period.

Construction plant no longer uses red diesel. This will impact widely.

[Frimley111R]

abzmike said:

Well, that's the news for you... Always accurate

EFA

[Robmarriott]

12p, plus vat. Then it’ll be rounded up to the nearest penny so it’ll be 15p.

[J210]

That will help with inflation......

[dfen5]

So called Conservative government raises taxes on everything and this will increase inflation. People should be on the streets outside No10 - they’re literally causing this, worse than Gideon.
Hunt certainly living up to his nickname.

[Electro1980]

Robmarriott said:

12p, plus vat. Then it’ll be rounded up to the nearest penny so it’ll be 15p.

No it won’t. That’s not how VAT works… it will be 14.4p.

[abzmike]

I guess they’re assuming/hoping the oil price will have dropped by then. I’ll make a prediction - it won’t have.

[The Road Crew]

Electro1980 said:

Robmarriott said:

12p, plus vat. Then it’ll be rounded up to the nearest penny so it’ll be 15p.

No it won’t. That’s not how VAT works… it will be 14.4p.

Aye that'll make all the difference over a full tank!

[Otispunkmeyer]

And Toyota have decided to not bring the new Prius to the UK for 2023.

I did think I might go for a V8 mustang next year. Think I'll just give up now and just forget about aiming to own something interesting for once.

[oyster]

dfen5 said:

So called Conservative government raises taxes on everything and this will increase inflation. People should be on the streets outside No10 - they’re literally causing this, worse than Gideon.
Hunt certainly living up to his nickname.

Fuel duty is lower now than it was in 2011. Even with this increase it’s still vastly lower in real terms.

[Terminator X]

I personally don't agree with it but the cost of fuel is peanuts compared to buying the car in the first place then insurance then VED then servicing ...

TX.

[ChocolateFrog]

They'll be able to cut again by 5p and we'll all be grateful.

[Ivan stewart]

dfen5 said:

So called Conservative government raises taxes on everything and this will increase inflation. People should be on the streets outside No10 - they’re literally causing this, worse than Gideon.
Hunt certainly living up to his nickname.

Not quite two years assuming these front bottoms can keep the wheels on their mess that long , maybe we can make a change , I loathe labour and the LDums
But we have been had by these wkers ,they really aren’t for the little guy are they ,

[croyde]

They've seen that people will stomach £2 a litre.

[Dr Jekyll]

oyster said:

Fuel duty is lower now than it was in 2011. Even with this increase it’s still vastly lower in real terms.

So is my salary.