Fuel duty freeze until 2015

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The likely combined effect of the fuel duty freeze announcements during the term of the present Coalition Government is around 20p a litre or £11 on a tank of petrol in an MGV8 which would cost between around £75 to £80 depending on location.

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George Osborne announced during his speech at the Conservative Party conference in Birmingham yesterday that he will freeze fuel duty until 2015 by cancelling a 2p a litre rise that was due to come into force next year in September. However he added that the money to pay for the freeze had still to be found but during a BBC Radio 4 interview this morning the Prime Minister, David Cameron, said that as the fuel duty freeze was essential he was confident the funding would be found. The pledge was welcomed with caution by motoring
organisations who expressed concerns that it is conditional upon finding further savings which will involve discussions with the Conservative Party's coalition partners, the Liberal Democrats, over how to find the funds to replace the loss of frozen fuel duty tax revenues.

The pledge means that fuel duty will have been frozen for four years by the time of the next general election in May 2015. It follows the announcement in the Budget in March 2013 that "the next planned rise in the fuel duty" would be postponed so taken with the earlier decisions on postponing fuel tax that has provided an effective freeze since the last rise in January 2011 during a period when prices at the pumps have continued to rise. Reports say Conservative Party aides suggest the party will fight the 2015 election claiming that a litre of petrol is 20p cheaper than it would have been under Labour's proposed fuel duty escalator for above-inflation increases.
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