{"id":332361,"date":"2011-03-23T14:27:51","date_gmt":"2011-03-23T14:27:51","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/23\/fuel-duty-cut-eases-motoring-cost\/"},"modified":"2011-03-23T14:27:51","modified_gmt":"2011-03-23T14:27:51","slug":"fuel-duty-cut-eases-motoring-cost","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/23\/fuel-duty-cut-eases-motoring-cost\/","title":{"rendered":"Fuel duty cut eases motoring cost"},"content":{"rendered":"<p><div readability=\"112.832145584\">\n        \t\t  <span><br \/>\n    <span>23 March 2011<\/span><br \/>\n<span>Last updated at <\/span><span>10:27 ET<\/span><br \/>\n<\/span><\/p>\n<p> <!-- Adding hypertab --><\/p>\n<p><!-- end of hypertab --><\/p>\n<p>Motoring costs should fall for families and businesses as a result of fuel duty changes announced in the Budget.<\/p>\n<p>Chancellor George Osborne announced a 1p per litre cut in fuel duty in response to a recent surge in global oil prices, effective from 1800GMT.<\/p>\n<p>He also said he would cancel a fuel duty escalator that would have pushed fuel costs higher.<\/p>\n<p>An inflation-linked rise in the fuel duty planned for next week was delayed until next year.<\/p>\n<p>&#8220;It&#8217;s about doing what we can to help with the high cost of living and the high cost of oil,&#8221; the chancellor said.<\/p>\n<p>  <span>Escalator cancelled<\/span><\/p>\n<p>The fuel duty escalator was initially introduced by the previous government, Mr Osborne pointed out.<\/p>\n<p>&#8220;The fuel duty escalator, that adds an extra penny on top of inflation every year, will be cancelled,&#8221; he said, &#8220;not just for this year, or next year, but for the rest of this Parliament&#8221;.<\/p>\n<p>Under the old system the fuel duty would have risen by the rate of inflation, plus 1p per litre. <\/p>\n<p>Instead, the fuel duty will fall by 1p per litre.<\/p>\n<div readability=\"16.8061674009\">\n\t<a href=\"http:\/\/www.bbc.co.uk\/news\/business-12831894#story_continues_2\">Continue reading the main story<\/a>\t\t<\/p>\n<h2>FULL BUDGET DOCUMENTS<\/h2>\n<p>\t\t<!-- pullout-items--><\/p>\n<p><a href=\"http:\/\/cdn.hm-treasury.gov.uk\/2011budget_complete.pdf\"><span>PDF download<\/span> Budget 2011<sub>[1.1 MB]<\/sub><\/a><\/p>\n<p>\t<!-- pullout-body--><\/p>\n<p>Most computers will open PDF documents automatically, but you may need Adobe Reader<\/p>\n<p>\t<!-- pullout-links-->\n\t\t<\/div>\n<p>&#8220;We will delay the inflation rise in duty planned for next week until next year &#8211; and also delay the April 2012 inflation rise until the following summer.&#8221;<\/p>\n<p>  <span>Oil firms taxed<\/span><\/p>\n<p>The cut will be financed by taxing the oil industry, Mr Osborne said.<\/p>\n<p>&#8220;The price of oil has risen 35% in just five months,&#8221; he said. &#8220;Oil companies are making unexpected profits.&#8221;<\/p>\n<div readability=\"24.9477806789\">\n\t<a href=\"http:\/\/www.bbc.co.uk\/news\/business-12831894#story_continues_3\">Continue reading the main story<\/a>\t\t<!-- pullout-items--><\/p>\n<h2>\u201c<span>Start Quote<\/span><\/h2>\n<blockquote readability=\"8\">\n<p>If the likes of Shell and BP don&#8217;t complain that this will undermine their efforts to squeeze the last drop of oil and gas out of the North Sea for the benefit of the UK, I will drink a litre of their finest unleaded petrol\u201d<\/p>\n<\/blockquote>\n<p><span>End Quote<\/span><\/p>\n<p>\t<!-- pullout-body--><\/p>\n<p>\t<!-- pullout-links-->\n\t\t<\/div>\n<p>Hence, he would introduce what he described as a &#8220;fair fuel stabiliser&#8221;.<\/p>\n<p>&#8220;From tomorrow the supplementary charge levied on oil and gas production will increase from 20% to 32%,&#8221; he said.<\/p>\n<p>This, he said, would raise an additional \u00a32bn ($3.3bn).<\/p>\n<p>&#8220;I don&#8217;t want important investment in the North Sea lost,&#8221; Mr Osborne continued.<\/p>\n<p>Hence, &#8220;if the oil price sustains a fall below $75 &#8211; and we will consult on the precise figure &#8211; we will reintroduce the escalator and reduce the new oil tax in proportion&#8221;.<\/p>\n<p>In other words, there would be no fuel duty escalator when oil prices are high, and no additional oil tax when oil prices are low, he explained.<\/p>\n<p>  <span>Mixed responses<\/span><\/p>\n<p>Motoring organisations welcomed the changes.<\/p>\n<p>RAC Foundation director Professor Stephen Glaister said: &#8220;Thirty four million drivers will welcome this, as will hauliers.&#8221; <\/p>\n<p>  <!--  Embedding the video player --><br \/>\n<!--  This is the embedded player component --><\/p>\n<div readability=\"32\">\n<div>\n<div readability=\"7\">\n                                <img decoding=\"async\" class=\"holding\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/d1899d7d6166_de27-1.jpg.jpg\" alt=\"George Osborne\" \/><\/p>\n<p><strong>Please turn on JavaScript.<\/strong> Media requires JavaScript to play.<\/p>\n<\/p><\/div>\n<p>        <!-- embedding script --><\/p><\/div>\n<p>            <!-- companion banner --> <\/p>\n<p>\t\t\t<!-- END - companion banner --><!-- caption --><\/p>\n<p>Watch: George Osborne announces changes to motoring costs<\/p>\n<p>\t\t<!-- END - caption -->\n        <\/div>\n<p><!-- end of the embedded player component --><\/p>\n<p><!-- Player embedded -->      <\/p>\n<p>AA president Edmund King said &#8220;this action has probably stopped a &#8216;summer of discontent'&#8221;.<\/p>\n<p>But environmentalists did not.<\/p>\n<p>&#8220;In the face of a global oil crisis, this Budget will increase the UK&#8217;s oil addiction,&#8221; said Andy Atkins, executive director of Friends of the Earth.<\/p>\n<p>  <span>Wary consumers<\/span><\/p>\n<p>Business leaders have warned about the effect of rising fuel prices on consumer sentiment.<\/p>\n<p>&#8220;Fuel and fuel price inflation is playing its part in driving the pressure on customers&#8217; budgets,&#8221; said Justin King, chief executive of supermarket chain and petrol retailer Sainsbury&#8217;s.<\/p>\n<p>&#8220;The consumer is very, very wary of the future.&#8221;<\/p>\n<\/p><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/d1899d7d6166_de27-1.jpg-150x150.jpg\" \/><\/p>\n<p>Go here to read the rest:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-12831894\" title=\"Fuel duty cut eases motoring cost\" rel=\"noopener noreferrer\">Fuel duty cut eases motoring cost<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 23 March 2011 Last updated at 10:27 ET Motoring costs should fall for families and businesses as a result of fuel duty changes announced in the Budget. Chancellor George Osborne announced a 1p per litre cut in fuel duty in response to a recent surge in global oil prices, effective from 1800GMT. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-332361","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fuel duty cut eases motoring cost - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/23\/fuel-duty-cut-eases-motoring-cost\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Fuel duty cut eases motoring cost - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"23 March 2011 Last updated at 10:27 ET Motoring costs should fall for families and businesses as a result of fuel duty changes announced in the Budget. 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