Fuel Duty rise scrapped
A planned rise 3p rise in fuel duty due to come into force in January 2013 has been scrapped, Chancellor George Osbourne announced as he delivered his Autumn statement.
It had been expected that increase would be delayed until April, but the chancellor has been forced to extend austerity measures to 2018 - and he will miss his own target for reducing the national debt.
According to website Petrolprices.com, average petrol prices stood at 133.25p per litre on Monday, while diesel prices were 141.23p per litre on average.
Fuel duty and VAT combined currently make up about 60% of fuel prices.
Institute of Advanced Motorists' chief executive Simon Best said: “Cancelling the rise in fuel duty will help to keep Britain’s economy moving. It’s not just good news for motorists - from supermarket food deliveries to life-saving emergency services, the nation depends on its roads. This is a saving for everyone.
“Cyclists, motorcyclists, car drivers, lorry drivers and bus and coach passengers should all welcome the £1 billion investment to our roads. Newer roads are safer and should cut journey times.”
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