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Cast your minds back to January 2007 – the impending recession was but a twinkle in the eyes of the bankers, Tony Blair was still leading the UK and fuel cost only 87p per litre. All that has changed now – recession has well and truly left an economic scar, Tony Blair has been replaced by Tory David Cameron and fuel will cost you a staggering £1.31 per litre on average.
So why is this? The main reason for the hike in fuel prices over the last decade is down (at least in part) to taxes. In 2011 a campaign was set up to fight for lower petrol and diesel prices, called Fair Fuel UK.
The campaign is widely credited with stopping £30 billion of fuel duty since its conception that would have been levied on businesses and the general public.
Thanks to constant campaigning, the UK government have promised to freeze fuel duty till 2015 – though Fair Fuel UK do not think this is enough. With small business and individuals still finding it difficult to afford these fuel prices, Fair Fuel UK are calling for a cut in the 2014 budget.
The UK is currently the most expensive country in the EU in terms of running a car – and extortionate fuel costs are a factor in this. With the general public asking why it is acceptable, the pressure is on MP’s to make a change. The benefit of cutting fuel duty is clear – small and large businesses would get a better deal at the pumps, increasing their ability to trade at competitive prices. The general public would spend less on fuel, freeing up money for other purchases – and whether these purchase are essential or luxury, there is no denying the economy would be stimulated.
Here at Creditplus, we do everything that we can to ensure that you get the best finance deal for your car, but we believe our customers, and all drivers, should be able to save money elsewhere. If fuel duty continues to be levied at a rate that is higher than inflation, drivers around the country will struggle even more to afford to keep their cars running.