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sambino

Petrol Prices Have Soared 20% In A Year

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http://www.thisismoney.co.uk/news/article....=moretopstories

Petrol prices have soared nearly 20% in the past year towards an unprecedented £5 a gallon.

The annual rise - the biggest for ten years - emerged as the Government prepares to increase fuel duty again in next week's Budget.

There is also the prospect of further pain for drivers after crude oil prices surged to a new high yesterday.

The statistics prompted demands for a 2p-a-litre increase in fuel duty, planned from April 1, to be axed. Hauliers and motoring protesters have already threatened a repeat of the fuel blockades in 2000 if the duty increase goes ahead.

Official figures show the price of fuel, which includes petrol and diesel, has soared by 19.3% over the last year. The Office for National Statistics said this is the steepest annual rise since it began keeping records in 1997.

The AA said the average price of petrol across the UK yesterday was 105.84p per litre (£4.81 a gallon). Diesel has already gone well through the £5-a-gallon barrier, costing 111.83p per litre (£5.08 a gallon).

Prices have risen by nearly 2.5p per litre since the start of the year. That's the equivalent of 12p a gallon.

Chancellor Alistair Darling is planning a range of green taxes on gas-guzzling cars, which are blamed for global warming. It has already been announced that road tax on the top Band G vehicles will rise from £300 to £400 a year. Further measures are expected in next Wednesday's Budget as Mr Darling seeks to encourage drivers to use cleaner cars.

According to the AA, it costs a two-car family an average of £37.08 a month more to fill up its vehicles than it did a year ago.

Motoring groups and petrol retailers have urged the Chancellor to use the Budget to scrap the scheduled 2p-a-litre fuel duty increase, which is due to come in from April 1. When VAT is added, the increase is 2.35p per litre. They point to the massive tax windfall the Government has already because of the soaring price of crude oil.

The amount of petroleum revenue tax it gets from the oil companies when they pump oil out of the North Sea has increased as the price of crude has risen. Oil prices yesterday rose above the $105 mark for a barrel of light crude. They are now about $11 higher than four weeks ago. This time last year prices were hovering around the $60 a barrel mark.

The Government keeps as tax about 70p in every pound spent by motorists on fuel. The AA says the Government is being greedy and unfairly penalising Britain's 33 milion road users to fill its coffers. The AA, RAC Foundation, Petrol Retailers' Association,and the British Chambers of Commerce have joined forces with road hauliers and the National Farmers' Union, in calling for the April rise to be scrapped.

Roger King, of the Road Haulage Association, said he feared the 2p hike could spark more protests. AA president Edmund King said: 'We have heard strong rumours of action by militants. We do not support it. The aim is to persuade the Government not to proceed with its planned increase in tax from April 1.

'It would be a great mistake. They need to be aware of the potential consequences. Our analysis shows that the Chancellor has already bagged a windfall of more than £4bn from motorists and the oil industry in the last 12 months.'

Edited by sambino

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http://www.thisismoney.co.uk/news/article....=moretopstories

Petrol prices have soared nearly 20% in the past year towards an unprecedented £5 a gallon.

The annual rise - the biggest for ten years - emerged as the Government prepares to increase fuel duty again in next week's Budget.

There is also the prospect of further pain for drivers after crude oil prices surged to a new high yesterday.

The statistics prompted demands for a 2p-a-litre increase in fuel duty, planned from April 1, to be axed. Hauliers and motoring protesters have already threatened a repeat of the fuel blockades in 2000 if the duty increase goes ahead.

Official figures show the price of fuel, which includes petrol and diesel, has soared by 19.3% over the last year. The Office for National Statistics said this is the steepest annual rise since it began keeping records in 1997.

The AA said the average price of petrol across the UK yesterday was 105.84p per litre (£4.81 a gallon). Diesel has already gone well through the £5-a-gallon barrier, costing 111.83p per litre (£5.08 a gallon).

Prices have risen by nearly 2.5p per litre since the start of the year. That's the equivalent of 12p a gallon.

Chancellor Alistair Darling is planning a range of green taxes on gas-guzzling cars, which are blamed for global warming. It has already been announced that road tax on the top Band G vehicles will rise from £300 to £400 a year. Further measures are expected in next Wednesday's Budget as Mr Darling seeks to encourage drivers to use cleaner cars.

According to the AA, it costs a two-car family an average of £37.08 a month more to fill up its vehicles than it did a year ago.

Motoring groups and petrol retailers have urged the Chancellor to use the Budget to scrap the scheduled 2p-a-litre fuel duty increase, which is due to come in from April 1. When VAT is added, the increase is 2.35p per litre. They point to the massive tax windfall the Government has already because of the soaring price of crude oil.

The amount of petroleum revenue tax it gets from the oil companies when they pump oil out of the North Sea has increased as the price of crude has risen. Oil prices yesterday rose above the $105 mark for a barrel of light crude. They are now about $11 higher than four weeks ago. This time last year prices were hovering around the $60 a barrel mark.

The Government keeps as tax about 70p in every pound spent by motorists on fuel. The AA says the Government is being greedy and unfairly penalising Britain's 33 milion road users to fill its coffers. The AA, RAC Foundation, Petrol Retailers' Association,and the British Chambers of Commerce have joined forces with road hauliers and the National Farmers' Union, in calling for the April rise to be scrapped.

Roger King, of the Road Haulage Association, said he feared the 2p hike could spark more protests. AA president Edmund King said: 'We have heard strong rumours of action by militants. We do not support it. The aim is to persuade the Government not to proceed with its planned increase in tax from April 1.

'It would be a great mistake. They need to be aware of the potential consequences. Our analysis shows that the Chancellor has already bagged a windfall of more than £4bn from motorists and the oil industry in the last 12 months.'

But this can't be right, Darling and Gordon said in flation was under control at about 2%! ;):o:lol:

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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