Fuel Duty and Petrol Prices to Rise with VAT Increase
Motorists are bracing themselves today as the price of fuel duty is set to soar in line with this year’s UK budget.
That means more bad news come January 1st, when both the fuel duty and petrol prices will rise significantly, as the UK bring their VAT back to 17.5%.
Today fuel duty will go up 2p per litre, but it’s feared come next April there could be a rise of 6.5 pence.
The VAT was reduced originally to help boost the UK’s economy during recession.
This is especially bad news for people on the Island because as it stands we already pay 8 pence per litre more than the UK.