The impact an increase in fuel duty would have on drivers, supplies and businesses 🔴 connie_dimsdale explains ⤵️
has insisted that no decision has been made on whether to increase fuel duty, after documents released by the Office for Budget Responsibility suggested there would be 23 per cent increase from March 2023.BBC BreakfastMr Hunt did not mention the projected increase in hisbut OBR documents said a 23 per cent raise was being planned for late March 2023 to bring in a “record cash increase” of £5.7bn.
If the freeze were to be lifted in spring, here are some of the possible impacts on the economy, consumers and businesses., which represents 20,000 members from all sectors of the logistics industry. Logistics UK said the proposed rise in fuel duty would equate to an “eye-watering” additional £4,850 for the cost of running a 44-tonne truck, bringing fuel duty costs to a total of £26,246 per vehicle – before the cost of fuel itself.
“Bulk diesel prices have increased by 30 per cent since January. With businesses already under financial pressure, and operating on very narrow margins, a duty hike of this magnitude would have Between the start of the year and October, the price of petrol at the pump increased by 20p a litre, with diesel up 40p, while inflation increased by 5.6 percentage points over the same period, according to an analysis by the motoring organisation.
Diesel prices have soared recently – up 10p per litre since the end of September. This is expected to have a knock-on impact on the cost of goods, as companies are forced to push up their prices, because transporting items via diesel HGVs will be more expensive.An increase in fuel duty would lead to inflated fuel prices for drivers who are already grappling with the cost of living crisis.how high fuel prices this year mean they have been placed under significant financial pressure already.
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