Fuel Retailers Pocketing 5ppl Fuel Duty Cut According To RAC
Research conducted by the RAC has suggested that many fuel retailers have not passed on the 5ppl fuel duty reduction onto consumers. As the country battles the highest diesel prices ever seen, the analysis has indicated retailers’ margins were 4ppl higher in April than they were in March. The move by some retailers have effectively stolen the support offered by the government.
Rishi Sunak announced in April that the government was reducing the duty on all fuel by 5ppl in a bid to stop escalating costs. Some retailers and fuel card suppliers initially reduced prices 5ppl but were quickly back to original prices in a few days.
With transport companies facing unprecedented increases in costs, the continued unsustainable costs of fuel will potentially drive inflation further putting pressure on the UK economy.
The price of brent crude rose 5.2% in the first 2 weeks of May with prices edging closer to $110 a Barrel.
