Fuel Duty Likely To Rise Sharply By 23% In 2023
A new forecast produced by the Office for Budget Responsibility (OBR) suggests that fuel duty could rise significantly next year…
Fuel Duty May Rise
A new OBR forecast suggests that fuel duty could rise sharply in 2023, potentially by as much as 23%. In a document that was released along with the Autumn Statement, it was suggested that a fuel duty increase could be introduced as soon as late march; increasing the prices of both diesel and petrol by 12p a litre.
If such a increase in fuel duty was introduced, it would increase state revenue by a considerable £5.7 billion. According to the OBR, this would be a record haul for the Government; also noting that it would be the first fuel duty increase in decades. Nevertheless, the move would almost certainly place further strain on millions of households, which are already contending with a severe cost-of-living crisis and the some of the toughest financial situations faced since the 1950s.
‘Subject to Change’
Despite the OBRs forecast, it’s not yet clear whether fuel duty will actually be increased. The Treasury, for instance, has stressed that any forecasts are subject to change. Indeed, it confirmed that the 5p cut to fuel duty will remain in place until March next year. In addition, it said that any final decisions concerning the tax would be made as a part of the spring budget.
Fuel prices have fluctuated wildly over the last year, largely due to the Russian invasion of Ukraine. Records in pricing were continually broken, so much so they motorists were paying in excess of £100 to fill the tank of a typical family car in some instances. They have, however, seemingly begun to stabilise.
Car Maintenance: What You Should Be Checking This Winter – https://autoserveclub.co.uk/blog/car-maintenance-what-you-should-be-checking-this-winter/
Diesel Prices Surged Throughout October – https://autoserve.co.uk/motoring-news/diesel-prices-surged-throughout-october/
