Some good news for motorists

[Palfrem]

BBC News - Government cancels planned 3p fuel duty increase

Maybe they are beginning to get it...

 

[NW_Merc]

BBC News - Government cancels planned 3p fuel duty increase

Maybe they are beginning to get it...

Yea right, government? Get it? Please

 

[WOODYTHEWISE]

Probably going up 5p instead.

 

[st4]

Fuel is coming down in price, thankfully this sees this continue. Price wise from last year, IIRC its the same now. Great

 

[renault12ts]

Oil down in price today...a continuing trend.

 

[Sp!ke]

not often you get a good news day.

I wonder what will appear by stealth on tomorrows back pages?

 

[jay1983]

Shame the price at the pump doesn't reflect the drop in oil

 

[renault12ts]

Shame the price at the pump doesn't reflect the drop in oil

Well, I was paying over £1.50 a litre earlier in the year...now its £1.34...

 

[Benzmanc]

Time for an AMG methinks

 

[wemorgan]

Boilerjuice keep sending me emails, insisting NOW is the time to buy with record low prices - think I'll hold off until August.

Domestic heating oil was 64p in April and is now 52p.

 

[ringway]

BBC News - Government cancels planned 3p fuel duty increase

Maybe they are beginning to get it...

They'll find another way of getting the reduction in fuel duty revenue back, though.

 

[MarkJunedd]

Well, I was paying over £1.50 a litre earlier in the year...now its £1.34...

Its £1.27 in my local Asda . Still to high though.

 

[SJX]

Every time I hear about oil prices shifting I remember an old Giles cartoon that was in the paper about the time of the 1973 Oil crisis, always makes me smile. It was a wonderful sketch picture of an Arab in a huge gas guzzler convertible tearing along a desert highway, passing a road sign saying 'World Oil Crisis - Min Speed 140mph'

I have never seen that cartoon ever again - but for that day in the paper. Strange how momentary things stay with you for life! If anyone has this cartoon in an old Giles annual of the era 1973 and fancies scanning it for me I would love to bag a copy of it, just for old times sake.

S

 

[Mr B.]

i just want it to fall back to when it was £1.06 a liter

 

[st13phil]

They'll find another way of getting the reduction in fuel duty revenue back, though.

They've already had a chunk of it through the VAT on the higher pump price.

That said, as I understand it total tax revenues from motor fuels have been lower than anticipated so far this year as we haven't been buying so much of the stuff. Maybe that's due to the high price

 

[wemorgan]

Maybe that's due to the high price

Maybe less people working, so fewer people driving to work?

 

[C240Sport97]

They've already had a chunk of it through the VAT on the higher pump price.

That said, as I understand it total tax revenues from motor fuels have been lower than anticipated so far this year as we haven't been buying so much of the stuff. Maybe that's due to the high price

people are driving slower on motorways, dual carriageways and the faster roads ..

I bet overall UK consumption has dropped significantly

 

[st13phil]

Maybe less people working, so fewer people driving to work?

That's undoubtedly part of the equation, but I wouldn't be surprised if we'd finally found where the downward slope is on the right hand end of the Laffer curve for motor fuel.

 

[st13phil]

people are driving slower on motorways, dual carriageways and the faster roads

Like I said, the price has risen to a level where people modify their behaviour so that consumption is reduced, and that has lead to an overall reduction in tax revenue.

My guess is that the "postponement of the planned increase to help families at a difficult time" is actually an attempt to see if the volume can be driven back up to a level that restores the lost tax take. But then I'm just a cynic...

 

[finisterre]

Yes the Laffer curve has bitten.

I was always slightly scandalised by their intention to get the most out of us. Surely their aim should be to spend the absolute minimum?

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