Close Menu
WTX News
    Facebook X (Twitter) Instagram
    Trending
    • Sure! Here’s the text without the site name, category, date, and full stops: The best way to deal with a video game backlog
    • Chelsea ‘lucky’ to have record-breaking Estêvão, Maresca says
    • How to watch 2025 F1 Mexico City Grand Prix: ESPN schedule
    • Significant improvement in Saudi cities on global stage
    • I’m A Celebrity announces major change inspired by Love Island ahead of rebrand
    Facebook X (Twitter) Instagram YouTube
    WTX News
    • Live News
      • US News
      • EU News
      • UK News
      • Politics
      • COVID-19
      • Business
      • Tech zone
    • World news
      • Middle East News
        • UAE News
        • Palestine News
      • Europe
        • Italian News
        • Spanish News
      • Africa news
      • South America
      • North America
      • Asia
    • News Briefings
      • UK News Briefing
      • World News Briefing
      • Live Business News
    • Sports
      • Football News
      • Tennis
      • Women’s Football
    • MY World
      • Climate Change
      • In Review
      • Expose
      • Special Reports
        • Conscience Convoy
        • Rohingya Report
    • Entertainment
      • Insta Talk
      • Royal Family
      • Gaming News
      • TV Shows
      • Streaming
    • Lifestyle
      • Fitness
      • Fashion
      • Cooking recipes
      • Luxury
      • Money Saving Expert
    • Travel
      • Culture
      • Holidays
    • Sign Up
      • Log In
    WTX News
    • Live News
    • World news
    • News Briefings
    • Sports
    • MY World
    • Entertainment
    • Lifestyle
    • Travel
    • Sign Up
    Home - News Briefing - Budget 2024: How would a Fuel Duty rise affect you?
    News Briefing Updated:October 30, 2024

    Budget 2024: How would a Fuel Duty rise affect you?

    By David Pike3 Mins Read
    Facebook Twitter LinkedIn Email Telegram WhatsApp
    Budget 2024: How would a Fuel Duty rise affect you?

    Budget 2024: How would a Fuel Duty rise affect you?

    Keir Starmer has refused to rule out that Labour will raise Fuel Duty in its October budget after he warned some of the coming measures would be “painful.”

    The move could come alongside a number of expected cuts and tax rises at the party’s first fiscal event as Rachel Reeves looks to plug the £22bn ‘black hole’ in public spending which she says the previous Conservative government concealed.

    This will likely come as unwelcome news to motorists who are struggling with other rising costs amid the ongoing cost of living crisis. However, the RAC says steps should be taken to move the more of burden of fuel costs from customers to providers.

    The automotive group backs an end to the 5p cut in Fuel Duty, claiming that drivers aren’t benefitting from the reduction, which has been in place since 2022.

    It accuses fuel retailers of using the money to bolster record profit margins, which have reached 13p per litre on average for unleaded and 15p for diesel. This is compared to the long-term average of 8p recorded before the pandemic.

    Instead, retailers should cut fuel prices to more closely reflect wholesale costs they pay for them, the RAC says. They suggest petrol should be reduced from around 142p per litre to 136p per litre, and diesel price from 147p per litre to 139p per litre.

    RAC head of policy Simon Williams said: “We’ve reached the conclusion the Chancellor has no option but to put fuel duty back up to 58p a litre in October’s Budget.

    “We’d normally be against any increase in duty, but we’ve long been saying drivers haven’t been benefitting from the current discount due to much higher-than-average retailer margins.

    What is fuel duty?

    Fuel duties, or taxes, apply to purchases of petrol, diesel and a variety of other fuels used both for vehicles and domestic heating.

    The level of fuel duty depends on the type of fuel used, with a litre of petrol, diesel, biodiesel and bioethanol attracting a fuel duty of 52.95p. It was cut by 5p by the Conservatives in 2022, having been frozen at 57.95p since 2011.

    Liquefied petroleum gas (LPG) has a fuel duty of 28.88p per kg, natural gas used as fuel in vehicles, for example biogas, has a duty of 22.57p per kg and ‘fuel oil’ burned in a furnace or used for heating is taxed at 9.78p per litre.

    They represent a significant source of revenue for the government, expected to raise £24.7 billion in 2023-24, according to the Office for Budget Responsibility – equivalent to 2.2 per cent of all receipts.

    Scrapping the 5p cut could would raise the government an estimated £2bn. However, doing so would not automatically force fuel retailers to bring down their costs, meaning higher fees for motorists, at least in the short-term.

    A report from the Competition and Markets Authority (CMA) found that motorists were overcharged £1.6bn in 2023 alone. They advise that the government should implement legislation to enforce fairer prices, with interim measures to encourage changes to come soon.

    https://www.independent.co.uk/news/uk/home-news/budget-2024-fuel-duty-rise-rachel-reeves-starmer-b2638122.html

    Keir Starmer Money News October Budget The Independent UK featured UK politics
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Telegram WhatsApp
    Previous ArticleWednesday’s news briefing – Terror charges for Southport suspect and Budget released 
    Next Article Watch live: Ministers depart Downing Street for Labour’s Budget announcement
    David Pike

    David Pike is an experienced news journalist with over 20 years experience as a UK News editor for WTX News and other news publications.

    Related Posts

    Liverpool grounded by flight issue before Champions League trip
    Liverpool FC

    Liverpool grounded by flight issue before Champions League trip

    Kieran Hayler seen for first time following child rape charge as Katie Price expected to testify
    Entertainment

    Kieran Hayler seen for first time following child rape charge as Katie Price expected to testify

    Langham Dome in Langham, England
    Movies

    Langham Dome in Langham, England

    Oil and gas workers offered cash to retrain in major plan for future clean energy workforce
    UK News

    Oil and gas workers offered cash to retrain in major plan for future clean energy workforce

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Advertisment
    News Headlines
    Significant improvement in Saudi cities on global stage

    Significant improvement in Saudi cities on global stage

    North Korea fires ballistic missiles, says Seoul

    North Korea fires ballistic missiles, says Seoul

    Save 70% on VIP subscription
    News Briefings - the way to a better life
    News Briefings - the way to a better life
    Advert by Sponsors
    More from WTX News
    The latest gaming news - with game reviews and tips and tricks. updated 24 hours a day.
    The latest gaming news
    Hot off the press!
    • Sure! Here’s the text without the site name, category, date, and full stops: The best way to deal with a video game backlog October 23, 2025
    • Chelsea ‘lucky’ to have record-breaking Estêvão, Maresca says October 23, 2025
    • How to watch 2025 F1 Mexico City Grand Prix: ESPN schedule October 23, 2025
    • Significant improvement in Saudi cities on global stage October 23, 2025
    • I’m A Celebrity announces major change inspired by Love Island ahead of rebrand October 23, 2025
    WTX News latest breaking news sports and travel
    Latest News and analysis - Deciphering through the BS with exclusive News Briefings
    Facebook X (Twitter) TikTok Instagram

    News

    • World News
    • UK News
    • US News
    • EU News
    • Business
    • Opinions
    • News Briefing
    • Live News

    Company

    • About WTX News
    • Register
    • Advertising
    • Work with us
    • Contact
    • Community
    • GDPR Policy
    • Privacy

    Services

    • Fitness for free
    • Insta Talk
    • How to guides
    • Climate Change
    • In Review
    • Expose
    • NEWS SUMMARY
    • Money Saving Expert

    News delivered to your inbox

    Copyright WTX News 2025

    • Privacy Policy
    • Terms

    Type above and press Enter to search. Press Esc to cancel.