The drop in the value of the pound added more to fuel bills than the 5p per litre cut in duty saved drivers earlier in the year.
Sterling’s fall in value has added 7p per litre to drivers’ fuel bills over the past year, according to Government-commissioned analysis.
The report, published this week, stated that the growing cost of oil – which is generally priced in US dollars – accounted for around a 20p per litre hike in UK fuel prices in the past 12 months. That was more than the 5p per litre cut in duty implemented by the Treasury in March amid record prices.Latest Government figures show the average price of a litre of petrol at UK forecourts is around £1.62, while diesel is about £1.81 per litre.Sterling plunged to historic lows against the dollar in the wake of then-chancellor Kwasi Kwarteng’s mini budget on September 23.
“Given all the other pressures the Treasury has to contend with there seems little prospect of another duty cut anytime soon.
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