AA News Update: Treasury Fuel Duty Boost
AA News Update: The most recent updates for one of the UK’s largest motoring repair companies. Keep up to date with the AA.
A recent report from the AA showed that price at pump constancy recorded in June had restored drivers’ petrol use to a point last recorded over the winter months of 2011. The result of this was a £25 million fuel revenue boost for the Treasury when compared with figures recorded in May of this year.
The AA reveal that the most recent HM Revenue and Customs statistics reveal that in June drivers in the UK purchased over one and a half billion litres of petrol, which equated to a contribution of just under £930 million in duty paid on fuel to the Treasury. The figures for May show over 1.5 billion delivered and just over £900 million in revenue generated for the Treasury.
Figures showed that for June the UK’s price average for petrol held steady at around 134.6p per litre. By the 25th of July it had risen to an average of 137.11p per litre. A further rise in the price of the wholesale product was responsible for this hike in prices at the pump.
In April 2012 a period of panic buying, prompted by a threat by tanker drivers of industrial action, increased the UK’s demand for fuel to almost 1.7 billion litres. UK petrol sales last rose above this level back in November 2011 where almost 1.700 billion litres were sold with just over £950 million in duty on fuel being generated for the Treasury.
March of 2013 was the coldest month on record for the past fifty years and more misery was heaped on the UK’s motorists as they suffered a further pump price hike, the third in a year. The price of petrol rose steeply to a price of 140.03p per litre. In response, figures for fuel volume sold plummeted to an all time low of under 1.4 billion litres and fuel duty revenues dropped to just under £800 million.
In March and October 2012 respectively two hefty 8p and 10p petrol price hikes depressed demand for petrol in the UK to 1.479 billion litres in response to the 8p and 1.536 billion litres in response to the 10p hike. The price spike in March 2012 inflated the ‘per litre’ UK average petrol price to 142.48p, an unparalleled record.
The sale of diesel that includes commercial use, increased from just over 2.255 billion litres in May to 2.331 in June, according to the AA and this has generated an extra £42 million in revenue for the Treasury. These are the highest receipt values since December 2012 when the figure was 2.369 billion litres.
If you would like to know anything more about this AA survey into fuel usage or about any of their services you can get in touch on the AA phone number 0844 335 0826.
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