With the cost of living crisis continuing to worsen, the government is being urged to act quicker by providing support for motorists.
In March, there was a small fuel duty cut, however, nothing else has been done to ease the pressure on motorists with the rising cost of petrol and diesel.
There has been speculation that the government are considering a fuel duty cut in the autumn budget – of course this news is very much welcomed, however, it’s argued that more needs to be done now as many families are having to choose which basic living essentials to prioritise.
Holly Andrews, Managing Director at KIS Finance and personal finance expert, commented, “Rather than us focusing on whether the 5p fuel duty cut has been passed on correctly to consumers, it’s time to focus on the fact that we need a bigger cut to be announced if there’s any chance of motorists seeing a petrol receipt of below £100 for a full tank.”
Andrews added, “Pump prices are rising far too quickly for the 5p per litre cut to have any real effect. The government needs to make a reduction of at least a further 10p per litre if they genuinely want to ease pressures.
“Whilst the government is making noises to suggest they may do something with fuel duty in the autumn budget that’s too late. Consumers need to see action now.
“The government is making more and more from the 20% VAT charged on every litre of fuel as prices continue to rise, so it only seems fair that they offset this by reducing the fuel duty charged.
“Other countries have made fuel duty cuts up to five times bigger than the UK government, so the UK appears to be trailing far behind.”
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