Petrol Prices Hit Three-Year Low Amid Government Fuel Duty Freeze
- Fuel duty will remain frozen for another 12 months following the Chancellor's Budget announcement.
- The price for petrol has decreased to an average of 135.2p per litre, while diesel has reached 140.2p per litre, significantly affecting family car owners' fueling costs.
- The measures taken by the government aim to support consumers amidst high living costs and market disparities.
The recent confirmation by the Chancellor in the Budget ensures that fuel duty will remain frozen for another 12 months, leading to a significant drop in fuel prices. As a result, petrol prices are currently at 135.2p per litre, marking a three-year low, while diesel stands at 140.2p per litre. Notably, diesel prices in the UK are among the highest in Europe, having been elevated for the majority of recent weeks. In Northern Ireland, motorists enjoy even lower average prices at 130.4p for petrol and 134.1p for diesel, placing them below the UK averages and supermarket prices. This trend highlights the regional disparity in fuel costs and raises questions about market competition in the fuel retail sector. The Chancellor indicated that raising fuel duty would be detrimental to drivers during a time of high living costs and global uncertainty. By freezing the tax, the government aims to alleviate financial pressure on consumers, particularly those who rely heavily on their vehicles for travel. Moving forward, the government plans to monitor fuel prices to ensure fair competition within the market. With the Competition and Markets Authority slated to begin oversight in just two months, this function is intended to scrutinize fuel prices, evaluating whether further steps may be warranted to protect consumer interests.