2p Fuel Price Increase Frozen
The 2p Fuel Price rise due to be introduced in October has been postponed
The Treasury announced that it was scrapping the 2p rise in fuel duty that was due to come into effect in October. The decision means that the earliest it could be increased would be April.
In the statement, the Treasury said that main road fuel duty rates would remain at 50.35p, which it said was 17 per cent lower in real terms than in 1999. Increases in road fuel gases, biofuel duty rates and rebated oils rates will also be postponed.
It was reported that the decision has been made to protect motorists from the effects of the record oil prices. The rises in the price of world oil have almost doubled over the past year and have pushed up prices at the pump.